Proposed three-yearly audit cycle for some self-managed superannuation funds

I am trying to understand the logic behind the proposed three-yearly audit cycle, and wanted to gauge what other professionals are thinking about the change?

Will we just see an increase in audit fees if this was to get the green light?


It seems like a really dumb idea.

Firstly, we don’t know the specifics yet.

Secondly, I’m not aware of any consultations the Govt has arranged (shoot first, ask questions later?)

Thirdly, is it really in the interests of the ATO and Govt to only find out about contraventions (some of them quite serious), 2-3 years after they occur?

Hopefully they scrap this because it doesn’t appear to be well thought out!

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From a trustee/member perspective operating a "vanilla"fund in pension phase this seems an eminently sensible (an,hopefully,cheaper) decision. Only wish they would also reconsider the actuary decision.

BGL has recently done a podcast with an SMSF auditor talking about these proposed changes:

Might be interesting to hear some anticipated downstream effects from an auditor’s point of view as well as who benefits from these changes.