The SMSF Association has welcomed a 2018 Federal Budget proposal that self-managed superannuation funds (SMSFs) with a good compliance history only be audited once every three years.
SMSF Association CEO John Maroney said the proposal would cut red tape for the sector and is a “fitting reward” for trustees who strictly adhere to the regulatory regime.
However, Maroney said it’s a strongly held belief of the association that an independent audit is essential to the integrity of the sector, and as such it would “keenly await the implementation details of the proposal”.
“The continued regulatory stability for SMSFs is welcomed by the association and is sorely needed as trustees still come to grips with the superannuation tax changes that took effect on 1 July 2017,” Maroney said.
“We look forward to a much-needed period of stability for superannuation and working through the implementation of the superannuation changes with the Government and regulators.”
The association also welcomed other Budget measures, including fee caps on low balance super accounts, opt-in requirements for insurance in super for certain fund members, and the expanded Pension Work Bonus program.