Well-run SMSFs will only be audited once every three years.
Trustees of self-managed super funds (SMSFs) have two reasons to be happy with Budget 2018.
If your SMSF has been audited for three years in a row without any problems, your next audit will be three years hence.
In other words, well-run SMSFs will only be audited once every three years.
The result will be a cost saving: no audit fees for two years.
You will still need to do the financial statement etc each year. Also, the ATO Supervisory Levy will be payable each year.
The maximum membership number of SMSFs will go from four to six.
Changes will commence on 1 July 2019 subject to legislation passing.
