Saul SMSF recently conducted a survey to understand the impact of the Federal Government’s proposed three-yearly audit cycle for SMSFs.
260 survey respondents answered 30 questions and submitted over 1,700 comments. The results revealed that:
• 93% do not support the change of the proposed three-yearly audit cycle
• 94% believe that there is a greater risk of contraventions
• 90% anticipate a greater opportunity for SMSF assets to be misused and misappropriated
• 75% think that SMSF operating costs will increase
• 84% believe that the integrity of the SMSF sector will decrease
• 90% think that SMSF auditor numbers will be reduced
This report also includes key findings from audited data collected from Saul SMSF’s self-managed super funds with total assets of $6.225 Billion from 1 July 2014 to 30 June 2017:
• Audit fees represent 0.03% of total SMSF assets
• Audit fees have decreased over the last 3 years
• Audit fees represent 2.95% of SMSF operating expenses with other operating costs such as financial planning, admin, accounting etc. totalling 97.05%.