ATO reminder about appointing an SMSF auditor

The ATO is reminding trustees of self-managed super funds that they need to appoint an approved SMSF auditor

This must occur no later than 45 days before the lodgment of their fund’s SMSF annual return (for example, for the 2022 income year).

In particular, the ATO says:

“Don’t risk approaching an auditor the day before you need to lodge as it will result in an overdue lodgment.  Approved SMSF auditors are an important part of your lodgment and reporting obligations. They review your fund’s financial statements and make sure you’re complying with super law.”

Importantly, an audit is required even if no contributions or payments were made to or from the SMSF in the financial year.

Superannuation is one of those areas that can be compared to a cart on a rollercoaster. Its performance is constantly affected by economic climate and shifting legislation that alters the benefits individuals and businesses can gain from superannuation funds. Please don’t hesitate to contact us if you would like to know more about establishing or managing your personalised super fund.

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Justin Flavel

Managing Director

Justin’s experience spans across 20 years in accounting, financial analysis and general business practice.

Although born and bred on the land, Justin’s interest was more in spreadsheets, ledgers, and finance which led him to attend university. In 1992, Justin graduated with a Bachelor of Business majoring in Accounting and Finance. As well as qualifying as a CPA member and becoming a Fellow of the Taxation Institute of Australia, he began gaining practical experience in small and mid-tier accounting practices.

During the late 90s, Justin decided to expand his horizons and travel through Europe. It was during this time that he seized the opportunity to expand his knowledge on the workings of large organisations by taking on roles in multinational corporations.

Today, Justin’s passion is in facilitating businesses to grow and evolve. His focus is on acting in the role of business mentor to help clients develop the full potential of their businesses. He joins clients on their unique journey, and provides the tools and knowledge they need along the way to make the right decisions.

Justin’s aim for his clients parallels his own philosophy and personal journey—focusing on his own career growth and business success while maintaining balance in his life with his wife and three daughters.

Omnis Group Managing Director - Justin Flavel