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I would like conformation that all auditors should be advising the super fund trustees in their audit management letters where the super look up fund website states “regulation details removed“. The reason being for late lodgment of annual returns. Are all audit members highlighting this in the management even if no other breaches?
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Hi Peter
Yes I agree it should be advised to trustees in the management letter when the super fund look up website states “regulation details removed“. My view is this is an area that is often overlooked by auditors and "super fund look up" should be reviewed at the time of the audit.
If “regulation details removed“ the impact is members in the SMSF:
1) will not be able to roll over any balances from other Fund's, and
2) may not be able to receive employer contributions as the employer will receive an ESA error message when paying contributions to the Fund.
Thanks
SMSF AAA