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An auditor who I regularly deal with required me to have the trustees, profit and loss statement and the balance sheet signed or initialed that is under review.
He say it an ATO requirement.
Does anyone know whether this is true?
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Hi John
Section 35B of the SIS legislation requires that each trustee prepare yearly a statement of financial position and an operating statement. This section also states that these documents must be signed by the trustee or trustees. Interestingly if there are more than 2 trustees only at least 2 of them need to sign these documents. Each statement does not need to be signed in that a trustees declaration or statement can be signed that covers both of these documents. That is it is not an ATO requirement that each page or document be signed or initialed (as long as a declaration or statement is signed that refers to these documents).
Thanks
SMSF AAA