Another measure announced by the Government in the 2018 Budget was to change the annual audit requirement to a three-yearly requirement for SMSFs with a history of good record-keeping and compliance.

Although the intent of this measure (i.e., to reduce red tape and compliance costs for those SMSFs) is laudable, we have serious concerns that such a change will introduce major problems for the auditing industry, as well as for the integrity of the SMSF sector as a whole.

Not only that, but we don't think that this measure will achieve its objectives in any event (i.e., it is likely that costs will not be reduced, and they may, in fact, increase!) 

As a member of the Government's Super consultative group, we have been invited to provide a submission on this Budget proposal, and our submission will make it clear that the NTAA does not support this measure.