SMSF sector must be 'strong and transparent', urges IPA

The government announced in the budget of plans to change the annual audit requirement to a three-yearly requirement where SMSFs have a history of good record keeping and compliance, with the changes to start on 1 July 2019.

The measure will apply to SMSF trustees with a track record of three consecutive years of clear audit reports and have lodged the fund’s annual returns in a timely manner.

Institute of Public Accountants chief executive Andrew Conway said in a YouTube video to members that he’d received many concerns from them about the proposed changes and is engaging directly with the government about the issue.

He also added that “it is important for the SMSF sector to be robust, strong and transparent”.

“One of the ways of achieving that is of course through the performance of an audit. We are presenting those concerns to the government and we are working very closely with them to make sure we firstly understand the policy rationale for this change,” Mr Conway said.

“Secondly, making sure we achieve a more workable solution for members and importantly the trustees of self-managed superannuation funds.

“There is still a lot of detail to emerge about the government's proposed policy in this space, and we'll certainly be presenting members views and concerns about the cycle of SMSF audit.”