Australian Taxation Office (“ATO”) data for the quarter ended 30 September 2015 reported an increase of 7,464 self-managed superannuation funds (“SMSF”), bringing the total number of funds to an estimated 562,000 with total assets of $557 billion.
As the number of funds increases, so too does tax office monitoring. 585 SMSF trustees were disqualified in 2014, up from less than 100 in 2010. The ATO has moved on from their heavy focus on education and are now giving trustees less leeway than it did five years ago.
Ben has been auditing self-managed superannuation funds since 2004 and prides himself on keeping up to date with superannuation legislation and changes in SMSF administration practices.
Whether you’re a SMSF trustee or an accountant with numerous funds that require auditing, please contact us for a quote or for more info read our SMSF Audit Central West article.