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I have a financial advisor insisting that a small underpayment from a property trust the SMSF invested in (maximum-approximately $1000 per year for 10 years) means the entire fund requires the financials to be repeated for 10 years and audits need to be redone. Is there a simpler way to fix this? In the next financial year for example?
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Hi Clare
Thanks, my view would be to adopt a practical approach and take up the transactions in the next financial statements / annual return prepared.
Given the amount involved and assuming it is not material it is arguably more of an issue for the tax agent than for the auditor. You have not advised if there is any tax impact. If the financial advisor is still of the view that amended financial statements / annual returns should be prepared one option is for the tax agent to raise the question with the ATO & request that any amendments be reflected in the next annual return (ITR) that is prepared and lodged.
Thanks
SMSF AAA