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What are the responsibilities of the auditor where the smsf is late in lodging its previous year annual return? Besides including the matter in the Management report, should the audit report be qualified and/or a contravention report be lodged? What are the other consequences for non-compliance?
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Failing to lodge a tax return in the prescribed period is a breach of Section 35D. As per SMSF AA response this is not a reportable contravention. Section 35D provides a penalty of 25 penalty units with a maximum of 50 penalty units per offence. The cost of a penalty unit is currently $222 but is stated to increase to $275 on the 1st January 2023 in the budget. I note 25 Penalty units = $5,500. In my experience the ATO rarely apply this penalty but it is available to them.