Hi, I've been assigned to take over audit of an SMSF for YE 2023.
I found out that the corporate trustee is registered for GST, actively trading, paid tax withholding and PAYG instalment for the past years !!!
Non of the prior years has been qualified by the previous auditor
What should I do in my 2023 report?
Hi WL
It is best practice that a SMSF trustee is a non trading company. However there is nothing in SIS that requires a trustee company to not be a trading entity.
My view is that you would raise your concerns in your management letter to the Trustee.
The audit report is not impacted by the SMSF trustee being a trading entity.
If other forum members have a view on this question please let the forum know.
Thanks
The Auditors Institute