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SMSF auditors: webinar on how to prepare for an ATO audit

The ATO has a program of auditing or reviewing certain approved SMSF auditors. If the ATO is satisfied with what they see, they can simply close their file. However, if the ATO is not satisfied, they have various options, including referring the approved SMSF auditor to ASIC. At the ASIC stage, ASIC then has various options. These options include closing ASIC’s file, but they also include ASIC disqualifying, suspending, cancelling or imposing additional conditions on the registration of the approved SMSF auditor.

Last week, ASIC announced that it had acted against 15 approved SMSF auditors (https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-043mr-asic-acts-against-15-smsf-auditors-performing-in-house-audits/). All those approved SMSF auditors came to ASIC by way of referral from the ATO.

I do a lot of work advising and representing approved SMSF auditors who are being reviewed or audited by the ATO, or who are being reviewed by ASIC. In the process, I have picked up a lot of tips and traps.

Via The Auditors Institute, I am going to present a webinar on ‘When the ATO Audits an SMSF Auditor: What to Expect and How to Prepare’. I think this will be a very worthwhile webinar for all approved SMSF auditors.

To register, visit https://www.smsfaaa.com.au/webinars

Related information

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This article is for general information only and should not be relied upon without first seeking advice from an appropriately qualified professional. The above does not constitute financial product advice. Financial product advice can only be obtained from a licenced financial adviser under the Corporations Act 2001 (Cth).

Note: DBA Lawyers presents monthly online SMSF training. For more details or to register, visit www.dbanetwork.com.au or call 03 9092 9400.

For more information regarding how DBA Lawyers can assist in your SMSF practice, visit www.dbalawyers.com.au.

By Bryce Figot ([email protected]) Special Counsel, DBA Lawyers

DBA LAWYERS

18 March 2024

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