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SMSF Updates

SMSF audit relief extended to 2021-22

01 Oct, 2021

The ATO has also extended to 2021-22 its existing COVID-19 relief in the Addendum to the Auditor/actuary contravention report (ACR) which already applies to the 2019-20 and 2020-21 financial years.

The ACR relief for 2021-22 applies for rental relief (including rental reductions, waivers and deferrals); loan repayment relief (including for LRBAs) and in-house assets. Approved SMSF auditors need to refer to the Addendum when determining whether a contravention arises because of the relief, when to report a contravention to the ATO via an ACR for the 2021-22 financial year, and what evidence to obtain from the trustees to support the relief.

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