Three year audit cycle for some self-managed superannuation funds

The Government recognises that self-managed superannuation fund (SMSF) trustees appropriately face a number of regulatory requirements in administering their funds. However, the Government is committed to reducing red tape for SMSF trustees where suitable.

This paper is seeking feedback on a measure announced in the 2018-19 Budget to change the annual audit requirement to a three yearly requirement from 1 July 2019 for SMSFs with a history of good record-keeping and compliance. The paper will seek views on eligibility criteria, key events which may require more frequent auditing and possible transitional arrangements.