Audit of SMSF for three years at once. Same contravention in year one continues through to the following years. Is there a requirement to do a contrevention report to the ATO for each year or can one be done that includes all of the years.
Audit of SMSF for three years at once. Same contravention in year one continues through to the following years. Is there a requirement to do a contrevention report to the ATO for each year or can one be done that includes all of the years.
You have to treat each year as a separate audit - this means completing each year before moving on to the next one.
You need to apply the 7 tests each time to determine whether a contravention is required.
If year 1 was the first instance of the particular breach, and there are no other issues, then the fund passes Test 4 in year 1, but will fail in Years 2 and 3. A contravention report may still be required in year 1, depending on the result of the other 6 tests.
Audit of SMSF for three years at once. Same contravention in year one continues through to the following years. Is there a requirement to do a contrevention report to the ATO for each year or can one be done that includes all of the years.
You have to treat each year as a separate audit - this means completing each year before moving on to the next one.
You need to apply the 7 tests each time to determine whether a contravention is required.
If year 1 was the first instance of the particular breach, and there are no other issues, then the fund passes Test 4 in year 1, but will fail in Years 2 and 3. A contravention report may still be required in year 1, depending on the result of the other 6 tests.
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