I have a new client who has come to me after being hounded by the ATO for not lodging the return of his SMSF since 2009. He has many breaches the worst being withdrawing funds for personal use since day 1 because he was "under personal trauma". He has returned the money in 2022 with interest.
I will be qualifying my audit reports for all years, putting points in the Management Letter and lodging an ACR.
My question is - do I need to do an ACR and Management Letter for each of those 12 years or do I do one ACR and Management letter covering the whole 12 years.
Hi Jan
I cannot see anything in the ATO ACR instructions that would only allow 1 ACR being lodged. My view is you need to lodge an ACR re each year there is a reportable breach.
The management letter could be one letter that refers to all the years and all the breaches.
The ATO ACR instructions are at:
Thanks
SMSF AAA