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Byron Ross

Jun 17, 2021

re audit report

in SMSF Technical Forum

I am auditing a 4 member SMSF for the year ended 30th June 2017

Total Net Assets shown as $1509266 Taxable Income $58993

On the Annual Tax return included in Sec C 12 is $176 ASIC late

payment fee This amount should be included in J2 Non-deductible

expenses If this is not done in my audit report should I make comment

considering the small amount of tax involved

1 answer0 replies

Comments (1)

THE AUDITORS INSTITUTE

Jun 17, 2021

Hi Byron

I agree in that as it is a fine it is a non deductible expense. As it is not material there is no need to refer to it in the audit report. I would recommend that you refer to it in your management letter to the trustees and request that they correct the ITR prior to lodgement.

Thanks

SMSF AAA