SMSF Industry Summary Report – Proposed 3 Year SMSF Audit Cycle

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%.

CLICK HERE FOR A FULL SUMMARY REPORT

• About
• Latest Posts

David Saul

Managing Director at SaulSMSF

As a long-standing member of the Self-Managed Super Fund Association of Australia Limited (formerly known as SPAA), the peak body for SMSF professionals, David was one of the first in Australia to achieve the SMSF Specialist Advisor™ accreditation from the SMSF Association (formerly known as SPAA).

Latest posts by David Saul (see all)

• How to compare SMSF Auditors - 28 January 2021
• 230 Tax Agents have mis-used SANs in the latest count - 11 January 2021
• Why your Auditor can’t be in your pocket! - 25 November 2020