ATO Interpretative Decision

ATO ID 2002/553 (Withdrawn)

Superannuation

Retirement income entities - Failure of auditor to report within specified period
FOI status: may be released

This ATO ID is withdrawn as the ATO precedential view on this issue is now dealt with in ATO ID 2005/97.

This document incorporates revisions made since original publication. View its history and amending notices, if applicable.

Status of this decision: Decision Withdrawn 24 November 2006

CAUTION: This is an edited and summarised record of a Tax Office decision. This record is not published as a form of advice. It is being made available for your inspection to meet FOI requirements, because it may be used by an officer in making another decision.

This ATOID provides you with the following level of protection:

If you reasonably apply this decision in good faith to your own circumstances (which are not materially different from those described in the decision), and the decision is later found to be incorrect you will not be liable to pay any penalty or interest. However, you will be required to pay any underpaid tax (or repay any over-claimed credit, grant or benefit), provided the time limits under the law allow it. If you do intend to apply this decision to your own circumstances, you will need to ensure that the relevant provisions referred to in the decision have not been amended or repealed. You may wish to obtain further advice from the Tax Office or from a professional adviser.

Issue

Has an auditor contravened subsection 113(4) of the Superannuation Industry (Supervision) Act 1993 (SISA) by providing an audit report to the trustee of a Self Managed Superannuation Fund (SMSF) more than nine months after the end of the year of income to which the report relates?

Decision

Yes. The auditor has contravened subsection 113(4) of the SISA by failing to provide the audit report within the period specified in paragraph 8.03(a) of the Superannuation Industry (Supervision) Regulations (SISR).

Facts

The auditor has provided an audit report to the trustees thirteen months after the end of the year of income to which it relates.

Reasons for Decision

Section 113 of the SISA provides that for each year of income, the trustee of a superannuation entity must appoint an approved auditor to give the trustee a report, in the approved form, of the operations of the entity for that year.

Under subsection 113(1) of the SISA the appointment must be made within whichever of the periods specified in the regulations that apply to the entity.

Under subsection 113(4) of the SISA, the auditor, once appointed, must give the report to the trustee within the specified period after the end of the year of income. The period for a SMSF is specified in paragraph 8.03(a) of the SISR, which requires the report to be provided to the trustee, within nine months after the year of income to which it relates.

Date of decision: 7 August 2001

Legislative References:
Superannuation Industry (Supervision) Act 1993
   Section 113
   Subsection 113(1)
   Subsection 113(4)

Superannuation Industry (Supervision) Regulations
Paragraph 8.03(a)

Keywords
Self managed superannuation funds
SMSF audit of funds
SMSF audit report on compliance

Business Line: Superannuation

Date of publication: 31 May 2002

ISSN: 1445-2782

history

	Date:	Version:
	7 August 2001	Original statement
You are here →	24 November 2006	Archived

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