The SMSF Association has welcomed the Government’s decisions to extend consultation on the proposed three-yearly audit cycle for some self-managed superannuation funds (SMSFs), saying that it would allow time to examine issues such as eligibility criteria for auditing and what events could trigger annual audits.
The Association was originally concerned that the audits, which were announced in the May Budget, reflected badly on the integrity of the SMSF sector.
SMSF Association head of policy, Jordan George, was pleased that the Treasury had listened to concerns and agreed to have extended consultations on the policy instead of moving straight to consultation on draft legislation.
“This eight-week consultation period will provide an excellent opportunity for the SMSF sector to provide Treasury with detailed feedback on this important policy shift,” he said.
“Our audit members have also conveyed their strong concerns regarding the proposal’s potential negative impact on the integrity of the SMSF sector, which is always of paramount concern to the Association, how it will affect audit workflows, and whether it will reduce costs for SMSFs.”
George said that these were issues that would need to be worked through during the consultation process.
