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16 May 2019 Reporting requirements when finalising an SMSF audit

Reporting contraventions is an important part of the SMSF audit process and should be done immediately after you form an opinion that a contravention has occurred, is occurring, or may occur. 

Failure to do so can result in a penalty of 50 penalty units (currently $210 per unit). If the contraventions have not been rectified, the trustees should also consider making a voluntary disclosure to the ATO and include a rectification proposal. 

More information can be found here.


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