The government has released a consultation paper on its proposed measures changing the annual audit requirement to a three-yearly requirement from 1 July 2019 for SMSFs.

Consultation paper released on three-year audit cycle for SMSF’s

The paper seeks views on matters including eligibility criteria, details of key events which may require more frequent auditing and transitional arrangements.

It is proposed eligibility will be on a self-assessment basis, however the ATO may notify the trustee that an annual audit is required.

Importantly, the three yearly audit for eligible SMSFs will cover the three preceding years.

Source: Issue 27 Wolters Kluwer