Just because you’ve chosen a DIY fund, doesn’t mean you have to do everything yourself. But if you choose to do most of the work, there are legal hoops to comply with.
An annual audit is one of the necessary chores associated with running an SMSF, but it can save trustees from inadvertent and costly breaches of the rules.
As an SMSF trustee, Dr Bonham is deeply concerned about the proposed changes to the SMSF audit rules, and the ongoing instability for retirees and future retirees.
After the initial shock has worn off, and now that Treasury has released a discussion paper outlining the proposed three-year audit cycle for SMSFs, it is time to consider how the proposed measures (if adopted) will be rolled out, and how these measures will affect both the SMSF sector and the obligations of SMSF trustees.
It came as quite a shock to many in the industry that the federal government announced a proposal to amend the annual audit requirement for SMSFs. SMSFs (like all superannuation vehicles) are presently required to be audited each year by an ASIC-approved SMSF auditor.