3 year SMSF audit proposal may be back on the table

Despite signs the Government’s proposal for some SMSFs to only be audited every three years had been quietly dropped it may still be on the table, with the Government still considering the outcomes of consultation on the measure. The Government is still considering a proposal for some SMSFs to only have to be audited every… Continue reading 3 year SMSF audit proposal may be back on the table

Government should drop 3-year SMSF audits: CPA Australia

CPA Australia has called on the Government to drop its proposed three-year audit cycle for SMSFs. In last year’s Budget the Government announced a policy where some SMSFs would be audited every three years instead of each year. Though each year would still be audited, so the audit was just postponed. The policy has been… Continue reading Government should drop 3-year SMSF audits: CPA Australia

3 year SMSF audit cycle – has time run out to pass legislation?

Time has likely run out for the Government to pass it’s proposed 3 year audits for some SMSFs. A Bill to implement the measure, which was announced in the 2018/19 Budget, has not been introduced to Parliament and there now likely isn’t time before the election. Under the Government’s proposal, SMSFs with a good lodgment… Continue reading 3 year SMSF audit cycle – has time run out to pass legislation?

Three-yearly SMSF audits not worth the cost or risks: professional bodies

Professional bodies have roundly criticised the Government’s proposal for some SMSFs to only be audited every three years. The Government announced in the 2018/19 Budget its proposal for three-yearly SMSF audits. It was initially unclear, but later set out, that each year would have to be audited, though not annually as is currently required but… Continue reading Three-yearly SMSF audits not worth the cost or risks: professional bodies

Concerns about three-year SMSF audits “falling on deaf ears”

Industry concerns about the Government’s proposal for a three-year audit cycle for some SMSFs are not being taken seriously, according to an accounting body. The Government announced in the latest Federal Budget that some SMSFs would only need to be audited every three years, instead of annually – subject to the passage of legislation. The… Continue reading Concerns about three-year SMSF audits “falling on deaf ears”

More details on three-yearly SMSF audits released

The Government’s has given more detail on its proposal for a three-year SMSF audit cycle, which was announced in the 2018 Budget. “This change will reduce the compliance burden for funds that have a history of good behaviour and have relatively simple affairs,” said Minister for Revenue and Financial Services Kelly O’Dwyer, releasing a discussion… Continue reading More details on three-yearly SMSF audits released

Three-year SMSF audits may not save money, not worth the risk

The Government’s proposal of a three-year audit cycle for some SMSFs might not end up saving these funds any money. The Institute of Public Accountants said the three-year audit cycle “may be flawed”, or at best would simply defer costs. IPA CEO Andrew Conway said the proposal, where SMSFs with a good compliance history would… Continue reading Three-year SMSF audits may not save money, not worth the risk

Accounting body wants answers on 3 year SMSF audit change

The Institute of Public Accountants wants answers from the Government to questions about the 2018 Budget measure to move some SMSFs to audits every 3 years. The Institute of Public Accountants (IPA) said it was working with Minister for Revenue and Financial Services Kelly O’Dwyer and the Treasury around the policy. “We need to understand… Continue reading Accounting body wants answers on 3 year SMSF audit change

Audits for SMSFs every three years welcomed by SMSF Association

The proposal in the 2018 Budget that SMSFs with a good compliance history only have audits every three years has been welcomed by the SMSF Association. Under the measure, if it is legislated, SMSFs with three years of clear audit reports and timely lodgement of the SMSF Annual Return will go from an annual audit… Continue reading Audits for SMSFs every three years welcomed by SMSF Association