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  • Changes for tax professionals with SMSF clients

    There have been recent changes to the self-managed super fund (SMSF) auditor independence standards that may change the way tax professionals and approved SMSF auditors represent their self-managed super fund clients. This may impact on your practices and businesses.

    Approved SMSF auditors and tax professionals play a critical role in working together to maintain the health and integrity of the SMSF sector. Some tax professionals fill both roles as they are also approved SMSF auditors.

    Tax professionals who provide both audit services and non-assurance services such as accounting services in-house, will now need to review their arrangements.

    Our guidance can assist tax professionals and SMSF auditors assess whether their current arrangements comply with the independence standards. It also highlights issues practices need to be aware of when restructuring their arrangements.

    To assist with the transition from in-house audits to fully complying audits under the Code, we will not enforce compliance until 1 July 2021.

    See also:

    Last modified: 25 Mar 2021QC 65154