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Gino Coiera

Apr 06, 2022

Covid Early Release of $10,000

in SMSF Technical Forum

Hi Team,

We are getting a few audits now where the Member/s have accessed the Covid Early Release of $10,000. The process for applying for the release was to answer a few questions online and if eligible, the ATO would confrim in writing that the Fund can release the $10k (copy attached)

. Unless the client is audited by the ATO at a later date, we as Auditors have no way of confirming that the Member was in fact eligible for the release. Can we simply accept a copy of the release authority issued by the ATO or should we satsify ourselves that they did in fact meet the respective criteia for release, which can't be done without seeking copies of personal Member data such as financials and/or evidence of receiving Jobseeker etc?

Your advice/opinion is appreciated.

1 answer0 replies

Comments (1)

THE AUDITORS INSTITUTE

Apr 11, 2022

Hi Gino

My view is that the auditor can just rely on the ATO advice.

The ATO advice states that "after careful consideration" ..."eligible for an early release" & that "we've approved the release". On that basis the auditor should be able to accept that as authority to have released the amount.

If other members have a different view it would be great to hear.

I know some accounting firms also get the member to sign a letter to the trustee requesting release of the money & then the Fund trustee does a minute approving the release.

Thanks

SMSF AAA