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Liability risk for tax agents posed in new audit cycle

The proposal to extend the SMSF audit cycle to three years, if enacted, will place a greater onus on SMSF professionals who prepare tax returns to identify issues with transactions, according to a financial services company.

Liability risk for tax agents posed in new audit cycle
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Merit Wealth accountants services director David Moss said that while extending the annual audit to three years is unlikely to have much impact on accountants who put together the accounts for an SMSF, for those who also prepare the tax return, there could be some added liability should this proposal go ahead.

Read the full article at SMSF Adviser.

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