If an SMSF did not comply with all relevant regulations and legislation, the last resort for us is to issue a qualified audit report.
For an example of a qualified audit report, please click on the button below:
As all breaches need to be reported to the ATO, if required we will need to lodge an Audit Contravention Report to the ATO. For more information on the Audit Contravention Report, please click on the button below:
The Tax Office may contact the Trustees directly to discuss the reported breaches and possible rectifications measures that the Trustees need to complete. If no steps are taken by the Trustees to rectify the potential breaches, the ATO may impose further penalties and conditions on the SMSF. Trustees need to ensure that their Funds comply with the ATO regulations.
Our objective is to issue unqualified audit reports. We therefore work closely with Trustees to resolve potential issues. To engage us, please click here.