Dear Sir/Madam
In one of the SMSF audits, I came across a situation where a member's employer contribution is exceeded the concessional contribution's cap. In this situation I am clear that the excess amount will be added to the member's personal tax return and he will get a rebate 15% of the excess amount. However, as a auditor do I need to report this matter anywhere?
Can you please clarify the reporting requirements on the above issue as soon as possible?
Thanks,
Dipak Mehta
Hi Dipak
There are no auditor reporting obligations in relation to excess employer contributions.
If you wanted to you could refer to the excess in your management letter.
Thanks
The Auditors Institute