Approximately 11,500 self managed superannuation fund (SMSF) auditors will benefit from proposed changes to the period in which auditors must provide their audit report to SMSF trustees.

The Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten, recently released draft Regulations that extend the audit period when the audit report cannot be provided on time due to certain circumstances beyond the auditor’s control.

“The proposed changes will ensure SMSF auditors are not penalised unfairly when external factors cause delays in the completion of the audit report,” Mr Shorten said.

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.

“The draft Regulations respond to concerns raised by the accounting profession and provide fairer outcomes for SMSF auditors,” Minister Shorten said.