Auditors face new range of standards for Self-Managed Superannuation Funds

Auditors face new range of standards for Self-Managed Superannuation Funds

Auditors face new range of standards for Self-Managed Superannuation Funds

The Superannuation Laws Amendment (Capital Gains Tax Relief and other Efficiency Measures) Bill 2012 was passed yesterday, as well as new requirements that Self-Managed Superannuation Fund (SMSF) auditors will now be subject to a range of standards concerning their qualifications, competency and independence under the Superannuation Auditor Registration Imposition Bill 2012. The legislation places greater scrutiny on SMSF auditors and the $400 billion held in SMSFs, as well as revised reporting, a Central Register and new Tax File Number validation service for employers and trustees. “Given the important role auditors play in regulating the SMSF sector, auditor registration will improve the integrity of the SMSF sector by ensuring that all SMSF auditor(s) are subject to the same minimum competency standards,” the Minister for Superannuation, Bill Shorten, said. READ MORE at Morningstar.

In another article, SMSF Professionals’ Association of Australia (SPAA) Technical Director, Peter Burgess, pointed out that the results of the Australian Taxation Office’s (ATO’s) compliance activity have shown that auditors who only undertake a small number of audits per year are more likely to encounter problems with the ATO.

“A lot depends on the quality of audits. Given that we’ve got 480,000 SMSFs out there you can’t expect the ATO to be supervising the compliance of all those funds,” Burgess said.

“[The ATO] relies heavily on the auditors doing the right thing and picking up breaches and reporting those breaches,” he said. As reported HERE.

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