In media release No 2011/132, issued 21 September 2011, the Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten, announced the release of draft Regulations that extend the audit period of a Self Managed Superannuation Fund (SMSF) when the audit report cannot be provided on time due to certain circumstances beyond the auditor's control.
Currently, SMSF auditors are required to provide SMSF trustees with their audit report no later than the day before the SMSF trustees are required to lodge their annual return. They can be penalised for not providing the audit report within this period, regardless of the reasons for the delay.
The draft Regulations create certainty for SMSF auditors by extending the period when SMSF trustees do not appoint the auditor on time or do not provide them with information needed to complete the audit.
Interested parties are invited to make written submissions on the draft Regulations by 17 October 2011.