New approved form for SMSF independent auditor’s report from 1 July 2019

The ATO has made changes to the approved form of the Self-managed super fund independent auditor’s report (IAR) effective for reporting periods starting on or after 1 July 2019. The report replaces the previous IAR that applied to reporting periods starting on or after 1 July 2016. Auditors may use the new report for audits completed for earlier periods, but care should be taken to comply with the auditing standards and legislation that applied to that earlier period. Auditors may have already used the previous version for reporting periods from 1 July 2019 for funds that wound up during the 2019/20 income year. In this circumstance, the ATO will accept the previous version as having met the 2019/20 reporting requirements.