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Peter Morris

Oct 06, 2021

Tax Agent Representation letter

in SMSF Technical Forum

Tax Agent Representation letter

After listening to the webinar from Bryce Figot yesterday on NALI - is seems appropriate for auditors to request tax agents to sign off on a representation letter for the annual return the tax agent has prepared. NALI & NALE items are going to become more prevalent. The tax agents are holding themselves out as the experts! They know the clients a lot better than the auditors do and the tax agent would have an idea that the members had provided services to the SMSF while the auditor would not. An auditor may not know the occupation of the members. eg a builder doing work for below market rates but the tax agent would.

I WOULD LIKE THE SMSFAAA to DRAFT UP A TAX AGENT REPRESENTATION TO COVER ALL BASES - CORRECT TAX , NALI & NALE ETC confirming that the annual return is correct.

Do all you other members agree that this would be a great idea and give the auditors more comfort.?

1 answer0 replies

Comments (1)

THE AUDITORS INSTITUTE

Oct 12, 2021

Hi Peter

Your request has been raised with the SMSF AAA board to comment on.

If other members can comment on whether they agree a tax agent representation letter is appropriate then that would be appreciated.

Thanks

SMSF AAA