Hi All,
I would appreicate your assistance on the below query.
A client is amending their SMSF tax returns back to 2018 due to accidentially incorrect reporting of Reportable Superannuation Contributions (overstatement).
Firstly does the Finacial Report (FR) need to be amended as well?
If so, should the amended SMSF tax return & FR be audited again before the lodgement?
Many thanks
Josh
Hi Joshua
There is nothing in SIS that I am aware of that would require an amended tax return or amended financial statements to have to be audited again.
Similarly there is no SIS requirement to amend the financial statements re an amended tax return. Normally if an amended return is prepared and lodged the financial statements are amended at the same time.
That is the amended tax return should refer to the original audit report that was issued.
Thanks
The Auditors Institute