Have you ever felt that you were in the minority having an SMSF? For many years since they were first established in 1999, SMSFs were not widely understood or used by everyday Australians. Certainly with the cost of an audit being $6000 in the early days, an SMSF was not cost-effective for most.
Things are changing. This week the ATO has reported that in 2024 more than 32,000 new self-managed super funds (SMSFs) were established – an increase of 21 per cent from 2022–23, with the SMSF population growing to over 625,000 and holding more than $1 trillion in assets.
Audits are now much more affordable, with the median audit fee falling to and remaining at or near $550 for almost a decade.
With this background, the ATO has also issued guidance on what it will focus on regarding auditor compliance for 2025.
It emphasised the critical role that SMSF auditors play in maintaining the health and integrity of the sector and the importance of understanding their obligations, including what the ATO considers the biggest risks in 2025.
Among other things, the ATO is again heavily scrutinising market valuations and reminded approved SMSF auditors that they are responsible for verifying and retaining sufficient audit evidence to support the market value of assets.
You can be assured that we use experienced and trusted independent auditors who understand our clients needs and will comply with ATO regulations.