New labels in the 2019 SMSF annual return
The SMSF annual return for 2019 has a number of new questions and labels that SMSF practitioners and trustees need to be aware of.
In previous years, the ATO advised trustees that the question in the annual return regarding whether Part B of the audit report was qualified could be answered with a “no” if the only reason the auditor qualified Part B was because they could not confirm the information provided to them (for example, opening account balances).
The ATO advice for this year is that this is no longer the case, and that trustees’ answers must correctly convey the auditor’s written opinion. […]