Review of ATO has Auditor Significance
ATO Regulatory Review Highlights the Importance of SMSF Audit Quality
The Australian National Audit Office’s review of the ATO’s regulation of the SMSF sector is bringing renewed attention to the role independent auditors play in supporting the integrity of Australia’s superannuation system.
In September 2026, Self Managed Super reported on comments from our Saul SMSF CEO David Saul regarding the significance of the Australian National Audit Office (ANAO) review of the Australian Taxation Office’s (ATO) oversight of the self-managed superannuation fund (SMSF) sector.
The review, which commenced in July 2026, will examine how effectively the ATO manages regulatory risks, monitors compliance and non-compliance, and investigates and sanctions funds that fail to meet their obligations. The final report is expected to be tabled in March 2027.
While the review focuses on the regulator’s performance, it also provides an opportunity to reflect on the contribution SMSF auditors make to the broader regulatory framework.
Why the Review Matters to SMSF Auditors
SMSF auditors operate within a regulatory system that relies on accurate financial information, well-supported audit opinions and appropriate reporting of compliance issues.
Independent audits help establish whether a fund’s financial statements and compliance arrangements meet the relevant requirements. The quality of this work matters not only to trustees and their advisers, but also to the effectiveness of the wider regulatory framework.
As David Saul highlighted at the SMSF Association Audit Day 2026, auditors have an important responsibility to ensure their opinions are supported by sufficient evidence. Their role is not to regulate the sector or enforce penalties, but to provide an independent assessment based on the information available to them.
This distinction is important. A well-founded audit opinion helps ensure that the information reported through the system is reliable and that potential compliance concerns are appropriately identified.
The Importance of Evidence-Based Audit Opinions
The ANAO review should not be interpreted as evidence of widespread failure within the SMSF audit profession. Rather, it provides an opportunity to consider how the regulatory framework operates and where its effectiveness can be strengthened.
For auditors, this reinforces the importance of maintaining a rigorous, evidence-based approach to every engagement.
Audit conclusions should be supported by appropriate documentation, relevant testing and a clear understanding of the fund’s circumstances. Where issues arise, they must be assessed carefully and reported in accordance with applicable requirements.
Maintaining these standards helps preserve confidence in the audit process and supports the integrity of the SMSF sector as a whole.
Supporting Confidence in the SMSF Sector
Australia’s SMSF sector has grown considerably since the ATO’s regulatory role was last subject to a review of this nature in 2007. As the sector evolves, continued scrutiny of regulatory processes is important in ensuring that oversight remains effective and responsive to emerging risks.
The ANAO’s findings, once released, will provide further insight into the ATO’s approach and may help inform future discussions about SMSF regulation.
In the meantime, independent auditors continue to play an essential role in supporting compliance, providing objective assessments and ensuring that audit opinions are grounded in reliable evidence.
At Saul SMSF, we believe that a strong audit process starts with independence, professional judgement and a commitment to getting the details right. These principles remain central to delivering reliable SMSF audits and supporting confidence in the broader superannuation system.
The ANAO’s final report is expected in March 2027. Saul SMSF will continue to monitor developments relevant to SMSF auditors and the professionals who support them.
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Source acknowledgement: This article was informed by Self Managed Super, Review of ATO has auditor significance, published 14 September 2026, reporting on comments made by Saul SMSF CEO David Saul at the SMSF Association Audit Day 2026.
One Letter. One Conversation. One Chance.
Why the SMSF Audit Management Letter May Be the Most Important Document You’ll Never Want to Ignore
By David Saul | CEO, Saul SMSF
Every year, SMSF trustees receive a mountain of paperwork.
Financial statements.
Tax returns.
Member statements.
Audit reports.
Most are read once, signed where required, and filed away.
Yet there is one document that, in my opinion, deserves more attention than all the others.
The SMSF Audit Management Letter.
Ironically, it is often the shortest document produced during the audit.
But it may also be the most valuable.
Because unlike almost every other document prepared throughout the year, it is written specifically for the trustees.
It is the independent auditor’s one formal opportunity each year to speak directly to the people ultimately responsible for protecting their retirement savings.
And that conversation can make all the difference.
The Audit Report Tells You What Happened.
The Management Letter Helps Shape What Happens Next.
An SMSF Audit Report tells trustees whether, in the auditor’s opinion, the fund complied with the Superannuation Industry (Supervision) Act 1993 during the financial year.
It is a snapshot in time.
The Audit Management Letter is something entirely different.
It looks forward.
It allows the independent auditor to identify matters that may not yet amount to reportable contraventions but, if ignored, could become tomorrow’s compliance problem.
More importantly, it allows the auditor to ask questions.
Questions that trustees themselves may never have considered.
Questions that encourage better governance.
Questions that prompt action before problems develop.
Sometimes the greatest value of an Audit Management Letter isn’t the issue it identifies.
It’s the conversation it starts.
Good Auditors Don’t Just Find Problems. They Ask Better Questions.
The best Audit Management Letters don’t simply point to legislation.
They encourage trustees to stop and think.
- Is this property still supported by an appropriate market valuation?
- Are these related party arrangements genuinely being conducted on arm’s length terms?
- Has our investment strategy been properly reviewed, or is it simply the same document we’ve signed every year?
- Are the fund’s assets adequately protected and clearly separated from personal assets?
- If the Australian Taxation Office reviewed our fund tomorrow, could we confidently support our decisions?
Sometimes those questions uncover a compliance issue.
Sometimes they don’t.
Sometimes they encourage trustees to seek legal, taxation or financial advice before making an important decision.
Sometimes they simply remind trustees that running an SMSF requires active governance—not passive administration.
Every one of those outcomes is positive.
The Statistics Tell an Important Story
During the 2025-26 financial year, almost one-third of the SMSFs we audited required one or more matters to be raised in an Audit Management Letter.
Yet fewer than 4% required an Auditor Contravention Report to be lodged with the Australian Taxation Office.
That gap is significant.
It demonstrates that the overwhelming majority of issues identified during an audit are preventative, not punitive.
Most SMSF compliance failures don’t begin as reportable breaches.
They begin as small issues.
A trust deed that hasn’t kept pace with legislative change.
An investment that hasn’t been independently valued.
Related party dealings slowly drifting away from commercial terms.
Fund assets that are no longer clearly separated.
An investment strategy that no longer reflects the realities of the fund.
Left alone, these matters can become serious.
Raised early, they are often straightforward to address.
That is precisely why the Audit Management Letter matters.
This Isn’t Just Good Service. It’s Part of Our Professional Responsibility.
Section 129 of the Superannuation Industry (Supervision) Act 1993 requires approved SMSF auditors to communicate with trustees where we form the opinion that a contravention has occurred, may have occurred, may be occurring—or may occur.
Those final two words are incredibly important.
“May occur.”
The role of an independent auditor isn’t simply to report history.
It is to identify emerging risks while trustees still have the opportunity to act.
The Audit Management Letter is one of the most effective ways of fulfilling that obligation.
The Silent Auditor Concerns Me
One trend genuinely concerns me.
Over the past year we have accepted appointment as auditor for several SMSFs where the previous auditor had never issued an Audit Management Letter.
Not once.
That doesn’t necessarily mean those funds were perfect.
In fact, during our first audit we identified matters that, in my opinion, should have been discussed with trustees much earlier.
Silence should never be mistaken for quality.
Nor should the absence of an Audit Management Letter automatically be interpreted as evidence that everything is perfect.
Sometimes difficult conversations simply haven’t occurred.
Trustees deserve better than that.
An Audit Should Do More Than Produce an Opinion
The true value of an independent SMSF audit isn’t measured by the number of Auditor Contravention Reports lodged.
It’s measured by the number of future contraventions that never occur because trustees were given independent observations early enough to take action.
A quality Audit Management Letter doesn’t criticise trustees.
It empowers them.
It encourages better questions.
Better decisions.
Better governance.
And ultimately, better protection of the retirement savings they have spent a lifetime building.
Don’t Just File It Away
If your independent auditor sends you an SMSF Audit Management Letter this year…
Read it.
Discuss it.
Ask questions.
If something isn’t clear, pick up the phone.
Use it as an opportunity to better understand your responsibilities as a trustee and to challenge your own thinking.
Because one question raised today could prevent tomorrow’s compliance breach.
It might even prevent a significant financial loss.
For me, that’s exactly what an independent SMSF audit should achieve.
Not simply reporting the past.
Helping trustees protect their future.
That is what Audits Well Solved means.
Final Thought
The SMSF Audit Report tells trustees whether they complied yesterday.
The SMSF Audit Management Letter helps ensure they still comply tomorrow.
And sometimes, it asks the one question that protects a lifetime of retirement savings before it’s too late.
Superannuation – Has the Bargain Changed?
I have just returned from two days at one of Australia’s leading SMSF technical conferences.
The agenda covered Division 296, family law splitting orders, transfer balance caps, valuations, estate planning and an ever-growing body of legislation surrounding self-managed superannuation.
As I listened to Australia’s leading technical minds, one question kept coming back to me.
Just how hard do Australians have to work to enjoy a well-earned retirement?
Not simply the decades spent building businesses, raising families and saving for the future—but the extraordinary complexity they must now navigate simply to preserve what they have earned.
That question took me back almost forty years.
In 1988, as an 18-year-old country boy from Evans Head, I had the privilege of spending a morning fishing on Sydney Harbour with Prime Minister Bob Hawke and Peter Doyle aboard a 30-foot boat called Alice Eva.
What stayed with me wasn’t the fishing.
It was Bob Hawke’s genuine interest in a young Australian’s dreams. For several hours, the Prime Minister gave me his complete attention. I left believing I had met a leader who genuinely believed in ordinary Australians and their potential.
A few years later I was studying economics at the University of New England while Australia was undertaking some of the most significant economic reforms in its history. Under the Hawke and Keating Governments, compulsory superannuation was born.
Looking back, I don’t think we simply introduced a retirement savings system.
We made a bargain.
Work hard.
Save consistently.
Lock your savings away until retirement.
Take responsibility for your own future.
In return, Australia would encourage that behaviour through a stable, concessional superannuation system that rewarded self-reliance and reduced dependence on the Age Pension.
It was a distinctly Australian idea.
For almost twenty years, I have had the privilege of auditing thousands of self-managed superannuation funds.
Behind every fund is a lifetime of sacrifice.
The family who mortgaged everything to build a business.
The farmer who endured drought.
The tradie who worked weekends.
The professional who delayed gratification for decades.
These aren’t tax structures.
They are people’s lives.
Every reform may have its own policy rationale. But viewed together, the system has become increasingly complex.
Division 296 is another layer.
Family law, transfer balance caps, contribution limits, pensions, valuations and ever-expanding compliance obligations all add to the burden.
Then came the proposal to tax unrealised gains.
Whether that proposal re-emerges or not, I couldn’t help but wonder whether something more fundamental is changing.
Are private retirement savings still viewed primarily as an individual’s provision for retirement?
Or are they increasingly being seen as a national resource?
That is not a political question.
It is a question of trust.
Australians accepted compulsory superannuation because they believed in a long-term bargain. They accepted preserving part of every pay packet because they believed the rules would remain fundamentally stable and that those who accepted responsibility for their own retirement would continue to be encouraged to do so.
Confidence takes decades to build.
It can be weakened much more quickly.
As an SMSF auditor, I don’t just see balance sheets.
I see forty years of hard work.
I see sacrifice.
I see responsibility.
And I find myself asking a question that reaches well beyond Division 296.
Has the bargain changed?
David Saul – CEO & Managing Director – Saul SMSF
What Are the 10 Most Important Factors in a Successful SMSF?
When people think about SMSF compliance and performance, they often focus on investments.
Property. Shares. Cryptocurrency. Private investments.
Yet after auditing billions of dollars in SMSF assets, one conclusion has become increasingly clear:
The most important determinant of SMSF success isn’t the asset itself — it’s trustee behaviour.
As the 2025/26 SMSF audit season draws to a close, a recurring pattern has emerged. Most significant compliance issues are not caused by the investment. They are caused by the decisions, actions and governance practices of the trustees behind the investment.
Here are the 10 most important factors that drive long-term SMSF success and compliance.
1: Understanding the Investments You Hold
Trustees should have a genuine understanding of every investment within the fund.
Whether it’s listed shares, property, cryptocurrency, private equity or a related-party arrangement, trustees must understand how the investment works, the risks involved and how it aligns with the fund’s objectives.
Complex investments without adequate understanding create unnecessary compliance and financial risks.
2: Maintaining Strong Documentation
Good governance begins with good records.
Trustee decisions, investment strategies, loan arrangements, valuations and significant transactions should all be properly documented.
Many compliance issues arise not because a trustee acted incorrectly, but because they cannot demonstrate that they acted correctly.
3: Obtaining Supportable Market Valuations
Valuations remain one of the most common areas of audit concern.
Trustees should ensure all assets are valued using objective, supportable and evidence-based methodologies.
This is particularly important for property, private companies, trusts and other unlisted investments.
4: Managing Conflicts of Interest
SMSFs often involve family members, related entities and business relationships.
Trustees must identify potential conflicts and ensure decisions are made in the best interests of all fund members rather than personal or commercial interests.
Effective conflict management is a cornerstone of sound governance.
5: Respecting Arm’s-Length Principles
Related-party transactions are not automatically problematic.
However, transactions must be conducted on commercial terms and comply with arm’s-length requirements.
Many SIS compliance breaches occur when trustees allow personal relationships to override regulatory obligations.
6: Making Governance as Sophisticated as the Investments
An emerging trend within the SMSF sector is increasing investment complexity without corresponding governance maturity.
Many trustees are comfortable discussing digital assets, private equity and sophisticated structures.
Far fewer are comfortable discussing governance frameworks, evidence requirements, valuation methodologies, liquidity planning or succession strategies.
The more sophisticated the investment structure, the stronger the governance should be.
7: Maintaining Clear Evidence
Auditors increasingly focus on the evidence supporting transactions and decisions.
Trustees should ask themselves:
- Can we demonstrate ownership?
- Can we support the valuation?
- Can we justify the decision?
- Can we prove compliance?
Evidence is often the difference between a smooth audit and a regulatory issue.
8: Planning for Liquidity and Future Obligations
Successful SMSFs are not managed solely for today’s investment returns.
Trustees should consider future liquidity requirements, pension obligations, tax liabilities and unexpected events.
A well-managed fund balances opportunity with preparedness.
9: Embracing Accountability
The freedom offered by an SMSF comes with significant responsibility.
Trustees who accept accountability for their decisions generally achieve better governance outcomes than those who rely solely on advisers, accountants or administrators.
Professional advice is valuable, but trustee responsibility cannot be outsourced.
10: Demonstrating Integrity in Decision-Making
Ultimately, the most important characteristic of a successful trustee is integrity.
Technology can generate investment strategies, trustee minutes and supporting documents.
Artificial intelligence can assist with administration and research.
However, no technology can create genuine governance, replace professional judgement or manufacture evidence that never existed.
Strong trustee behaviour remains the foundation of SMSF success.
The Real Asset Driving SMSF Outcomes
The SMSF sector is one of Australia’s great financial success stories, empowering individuals to take control of their retirement savings and build long-term wealth.
But as investment options become more sophisticated and technology continues to evolve, one reality remains unchanged.
Property doesn’t create compliance breaches.
Shares don’t create compliance breaches.
Cryptocurrency doesn’t create compliance breaches.
Trustee behaviour does.
The trustees most likely to succeed over the next decade will not necessarily be those who identify the next investment opportunity.
They will be those who embrace governance, transparency, documentation, accountability and sound judgement.
Because in today’s SMSF environment, the most important asset isn’t found on the balance sheet.
It’s the quality of trustee behaviour.
The Most Important Asset Class in an SMSF Isn’t …
By David Saul, CEO, Saul SMSF
As the 2025/26 SMSF audit season draws to a close, I have found myself reflecting on a simple but increasingly important observation.
The greatest risk within many SMSFs today isn’t property.
Not related party loans.
Not cryptocurrency.
It is trustee behaviour.
For years, SMSF professionals have been conditioned to focus on asset classes. We debate the merits of direct property versus listed equities. We scrutinise cryptocurrency. We analyse unlisted investments, private trusts and limited recourse borrowing arrangements.
Yet after auditing billions of dollars in SMSF assets, I am becoming increasingly convinced that the true asset class driving outcomes is something far less visible.
It is the quality of trustee decision-making.
The quality of governance.
The quality of judgement.
And, ultimately, the quality of trustee behaviour.
The reality is that almost every significant compliance issue we encounter can be traced back to human behaviour, rather than the underlying investment itself.
A cryptocurrency holding does not create a compliance breach.
A trustee’s failure to properly document ownership might.
A related-party loan does not automatically create a SIS contravention.
A trustee’s willingness to ignore arm’s-length principles might.
An unlisted investment is not inherently problematic.
A trustee’s refusal to obtain supportable market valuations often is.
The asset is rarely the problem.
The trustee behaviour surrounding the asset is.
This year’s audit season has highlighted another emerging trend.
The increasing sophistication of investments is not always being matched by an equivalent sophistication in governance.
Many trustees are comfortable discussing digital assets, private equity, and complex structures.
Far fewer are comfortable discussing evidence, documentation, valuation methodology, conflicts of interest, liquidity management or succession planning.
The result is that some SMSFs are becoming operationally complex while remaining governance-light.
That should concern all of us.
As auditors, we are increasingly finding ourselves assessing not only the assets held by a fund but the behaviours that sit behind them.
Does each trustee genuinely understand the transactions they have entered into?
Are decisions being documented?
Are valuations objective and supportable?
Are conflicts being identified and managed?
Are trustees acting in the best interests of all members?
These questions tell us far more about the health of a fund than a balance sheet ever will.
The acceleration of technology has only amplified this challenge.
It has never been easier for AI generate an investment strategy, a trustee minute, a loan agreement or a supporting narrative.
But no technology can manufacture genuine governance.
No AI tool can create evidence that never existed.
No technology can replace professional scepticism.
No algorithm can substitute real trustee integrity.
As an industry, we should be careful not to confuse better-looking documentation with better governance.
They are not the same thing.
The SMSF sector remains one of Australia’s great financial success stories. I have been fortunate enough to watching this uniquely Australian success story grow from a niche sector into a trillion-dollar force within our financial system.
It has empowered individuals to take control of their retirement savings and build substantial wealth through informed decision-making.
But with that freedom comes responsibility.
The trustees who will thrive over the next decade will not necessarily be those who identify the next investment opportunity.
They will be those who embrace strong governance, transparency, documentation and accountability.
Because in many SMSFs today, the most important asset class is not property, shares or cryptocurrency.
It is trustee behaviour.
And increasingly, that is where the greatest compliance risk lies.
Building on the Shoulders of Those Who Came Before Us
By David Saul, CEO & Founder, Saul SMSF
As we approach 30 June 2026, I find myself reflecting on a simple question:
What will the SMSF profession look like ten years from now?
Technology is reshaping administration.
Artificial intelligence is reshaping information.
Regulation continues to reshape expectations.
Yet the fundamentals remain unchanged:
Trust.
Independence.
Judgement.
Protection of retirement savings.
These principles mattered when the first SMSFs were established.
They matter today.
And they will matter long after today’s technology has been replaced by something new.
Perhaps that is why 2025/26 feels like such an important year.
Not simply because of what happened at Saul SMSF.
But because of what is happening across the SMSF profession itself.
Increasingly, the greatest risk in many SMSFs is not the asset.
It is behaviour.
The decisions people make when nobody is watching.
Against this backdrop, our responsibility as professionals has never been greater.
This year began with an important milestone for our firm — successfully completing an ATO review of our SMSF audit methodologies and procedures without recommendation.
We relaunched our brand around a simple idea:
SMSF Audits Well Solved.
Not because SMSF audits are easy.
In fact, they are becoming more complex every year.
Rather, because our role is to help accounting firms, advisers and trustees navigate complexity with independence, professionalism and practical solutions.
During the year we launched three distinct service lines:
SMSF Essentials — efficient, technology-driven audits for straightforward funds.
SMSF Advanced — deeper technical support for more complex SMSF structures and transactions.
SMSF Forensics — Australia’s first dedicated SMSF forensic audit service, designed for difficult compliance matters, ATO scrutiny and high-risk situations.
We also continued to invest in the future of the profession.
Elevate SMSF, our strategic partnership with Carisma Solutions, combines SMSF administration, compliance and independent SMSF audit services within an APES 110 compliant framework, helping firms scale their SMSF offering without compromising quality or independence.
At the same time, we commenced planning for SMSF 2030 — an initiative focused on exploring how technology, AI, demographic change and evolving client expectations may shape the next decade of self-managed superannuation.
These initiatives were never simply about business growth.
They reflect a broader belief that the SMSF profession must continue to evolve if it is to remain one of Australia’s great financial success stories.
The SMSF sector that exists today did not emerge by accident.
It was built by practitioners, regulators, educators, legislators and industry leaders who invested their time, knowledge and energy over many decades.
Like many others, I have been fortunate to build a career within a profession that was already stronger because of those who came before us.
We stand on their shoulders.
In return, I believe we have an obligation to help those who will come after us.
Along the way, our profession was incredibly generous in recognising the work of our team.
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In November 2025, Saul SMSF was honoured to receive the SMSF Auditor of the Year Award, while I was humbled to receive the Individual Excellence Award at the SMSF Adviser Awards (top left photograph above from the memorable night).
In February 2026, I was deeply honoured to receive the CEO Award from the SMSF Association (top right photograph above of award).
While I am grateful for these acknowledgements, awards are ultimately earned in the quiet moments:
The difficult technical discussion.
The extra review.
The second opinion.
The willingness to ask one more question when something does not feel right.
The real achievement belongs to the team.
Today, Saul SMSF audits more than $7 billion in SMSF assets annually on behalf of client referral firms — from sole practitioners and boutique specialists through to national firms and the Big Four across Australia.
Through a combination of great people, disciplined processes and continued investment in technology, we maintained average audit turnaround times of three to five business days throughout the year — even during peak lodgement periods.
For us, speed has never been about rushing audits.
It has been about removing friction, improving communication and delivering timely, independent audit outcomes when they matter most.
No prioritisation fees.
No hidden fees.
No mystery.
Just real people, doing real work, in Australia.
One lesson has become increasingly clear to me this year.
The future of SMSFs will not be won by technology alone.
Technology is an extraordinary tool.
But it is not a substitute for professional scepticism.
It is not a substitute for judgement.
It is not a substitute for independence.
And it is certainly not a substitute for integrity.
The firms that thrive over the next decade will be those that successfully combine technological capability with human wisdom.
That balance remains one of the defining challenges — and opportunities — for our profession.
Yet for all the professional highlights, this year also reminded us that life exists beyond the office.
Sadly, members of our extended Saul SMSF family experienced the loss of close family members during the year.
(photographed below: David’s late mother, Margaret Saul)
What I witnessed during those times made me prouder than any award ever could.
I watched colleagues support one another.
I watched people step forward without being asked.
I watched a team demonstrate compassion, resilience and character when it mattered most.
Good times reveal success.
Difficult times reveal culture.
This team showed both.
To every member of the Saul SMSF team — thank you.
To our clients, referral partners and friends of the firm — thank you for your trust.
We never take it for granted.
As we look toward 2026/27, our mission remains unchanged:
To protect retirement savings.
To strengthen confidence in the SMSF sector.
To support accounting firms and trustees through independent, high-quality SMSF audits.
And to continue solving problems that matter.
The SMSF sector remains one of Australia’s great financial success stories.
I remain enormously proud that my own professional journey has largely mirrored its evolution.
I am equally grateful to the many people who helped build the profession long before I arrived.
We stand on their shoulders.
Our responsibility is not simply to preserve what they built.
It is to improve it.
To strengthen confidence.
To embrace innovation without abandoning standards.
To leave the profession better than we found it.
Because success is not measured by what we inherit.
It is measured by what we leave behind.
The best years for the SMSF profession are still ahead of us.
On behalf of everyone at Saul SMSF, thank you for being part of our journey.
David Saul
CEO & Founder
June 2026 Capacity Update: Thank You from Saul SMSF
As we approach the end of another financial year, I simply wanted to say thank you.
On behalf of everyone at Saul SMSF, thank you for choosing to work with our firm and for being part of our journey.
Since 2007, Saul SMSF has been focused on one thing: helping accounting firms and trustees navigate the increasingly complex world of SMSFs through independent, specialist audit services.
This year has been a significant one for our firm. We successfully completed an ATO audit review without recommendations, expanded our service offering, launched SMSF Elevate, and continued supporting more than 80 accounting and advisory firms across Australia.
None of this happens without your trust and support.
At its heart, an SMSF audit is not simply about obtaining an audit report. It is about having a trusted independent professional who can apply judgement, communicate openly, navigate complexity and help protect professional reputations when difficult issues arise.
As we move through the final weeks of the 2025 SMSF lodgement season, our team currently has capacity available.
If you have SMSFs still awaiting audit, complex funds sitting in the “too hard” basket, trustee compliance concerns, cryptocurrency, unlisted investments, related party transactions or other sensitive matters, we would be pleased to assist.
Some SMSFs need an auditor.
Some SMSFs need a specialist.
Thank you again for your support, your trust and the opportunity to work alongside your firm.
SMSF Audits Well Solved.
Warm regards,
David Saul
CEO & Managing Director
Saul SMSF
SMSF Audit Pain Points We See Every Day
1. Lodgement Pressure & Slow Turnaround
The Problem: Delays from auditors place 15 May and 15 June lodgement deadlines at risk, creating stress for advisers and trustees.
What Firms Want: Certainty that audits will be completed on time.
How Saul SMSF Responds: Fast, predictable turnaround times, available capacity, and a commitment to progressing files rather than leaving them in a queue.
2. Complex Funds Nobody Wants to Touch
The Problem: Property, LRBAs, cryptocurrency, unlisted investments, foreign assets and related-party transactions are often delayed, rejected or escalated unnecessarily.
What Firms Want: An auditor who sees complexity as routine.
How Saul SMSF Responds: SMSF Audit Advanced and SMSF Forensic services specifically designed for difficult, high-risk and technically challenging funds.
3. Lack of Commercial Judgement
The Problem: Technical issues are sometimes treated as black-and-white compliance exercises, creating unnecessary friction and query fatigue.
What Firms Want: An experienced auditor who can apply professional judgement while maintaining independence.
How Saul SMSF Responds: Senior Australian-based SMSF specialists focused on practical solutions, not simply identifying problems.
4. Contravention & ATO Reporting Anxiety
The Problem: Firms worry that a compliance issue may escalate into an ACR, damage a client relationship or attract unnecessary ATO scrutiny.
What Firms Want: An auditor who understands both the technical requirements and the practical consequences.
How Saul SMSF Responds: Independent guidance focused on achieving the most appropriate outcome while maintaining full compliance with auditor obligations.
5. Hidden Fees & Pricing Surprises
The Problem: Priority fees, complexity surcharges and unexpected invoices create frustration and uncertainty.
What Firms Want: Transparent and predictable pricing.
How Saul SMSF Responds: Clearly defined service tiers and no “pay-to-jump-the-queue” pricing model.
6. No Access to the Auditor
The Problem: Offshore teams, ticketing systems and generic inboxes make it difficult to discuss real issues.
What Firms Want: A direct relationship with a knowledgeable auditor.
How Saul SMSF Responds: Named contacts, Australian-based auditors and genuine accessibility when difficult matters arise.
7. Independence & Quality Concerns
The Problem: Firms need confidence that their auditor is genuinely independent, appropriately qualified and professionally insured.
What Firms Want: A trusted specialist audit partner.
How Saul SMSF Responds: Independent SMSF audit specialists since 2007, auditing over $7 billion in SMSF assets annually across more than 80 accounting and advisory firms.
8. Capacity During Peak Season
The Problem: Audit bottlenecks emerge when firms need urgent assistance most.
What Firms Want: An audit partner with the capacity to absorb workflow spikes.
How Saul SMSF Responds: Dedicated resources, scalable capacity and service models designed for both volume and complexity.
9. Limited Visibility of Audit Progress
The Problem: Advisers often don’t know where a file sits or what is outstanding.
What Firms Want: Transparency and real-time visibility.
How Saul SMSF Responds: Dashboard reporting and portal technology supported by direct communication when required.
10. Offshore Processing & Data Security Risks
The Problem: Increasing concerns around confidentiality, quality control and offshore handling of sensitive financial information.
What Firms Want: Confidence that their clients’ information remains protected.
How Saul SMSF Responds: Australian-led audit teams, local accountability and a strong focus on confidentiality and professional standards.
11. Protecting the Firm’s Reputation
The Problem: Every audit reflects on the accounting firm’s brand.
What Firms Want: An auditor who enhances, rather than risks, client relationships.
How Saul SMSF Responds: Consistent audit quality, clear communication and a solution-focused approach that protects both trustees and referral firms.
The Reality
Referral firms are not buying an SMSF audit.
They are buying certainty.
Certainty that lodgement deadlines will be met.
Certainty that complex funds will be handled competently.
Certainty that difficult compliance matters will be managed professionally.
Certainty that, when something unusual arises, they can pick up the phone and speak to someone who understands both the legislation and the commercial reality.
That is ultimately what Saul SMSF has been delivering to the profession since 2007.
SMSF Audits Well Solved.
Finish the Year Strong. SMSF Audits Well Solved.
As 30 June approaches, many firms are focused on finalising SMSF compliance obligations and positioning clients for a smooth lodgement season ahead.
If you have SMSF audits still outstanding, now is the time to act.
By completing audits before year end, your firm can:
✔ Progress SMSF Annual Return (SAR) lodgements sooner
✔ Reduce the risk of unnecessary ATO compliance attention
✔ Improve cashflow through earlier year-end billings
✔ Give trustees certainty heading into the new financial year
✔ Start 2026/27 with a cleaner workflow and fewer bottlenecks
At Saul SMSF, we understand that the final days of June can be demanding. That is why our team remains focused on delivering responsive service, practical communication and fast turnaround times.
SMSF Audits Well Solved.
Whether your files are straightforward or complex, we are ready to assist.
Need help before 30 June?
Contact our team today and let’s finish the financial year strongly.
David Saul CA, FSSA, SSA
Managing Director & CEO
Saul SMSF
Not Every SMSF Fits a Production Line
When the years SMSF lodgement season draws to a close, many firms are left with the same handful of funds still sitting on their desk.
Usually for the same reasons:
- Unlisted investments
• Cryptocurrency
• Related party transactions
• Historical compliance concerns
• Trustee behaviour issues
• Complex matters requiring judgement, not just process
Established in 2007, Saul SMSF is an independent specialist SMSF audit firm auditing more than $7 billion in SMSF assets annually across 80+ accounting and advisory firms, ranging from sole practitioners to one of the Big Four.
Our audit solutions are deliberately simple:
SMSF Audit Essentials – efficient, technology-driven audits for straightforward funds.
SMSF Audit Advanced – technical, service-focused audits for complex SMSFs.
SMSF Forensic – specialist support when compliance, trustee conduct or ATO scrutiny become real issues.
Importantly, we do not shy away from difficult funds. In fact, they are often where we add the greatest value.
Good SMSF auditing is not simply about identifying problems. It is about helping practitioners navigate them professionally, independently and with confidence.
We currently have capacity available throughout June 2026 and would be pleased to assist with both straightforward and complex SMSF audit engagements.
Some SMSFs need an auditor.
Some SMSFs need a specialist.
If your firm has SMSFs still waiting for a solution, we’d welcome the conversation.
Warm regards,
David Saul
CEO & Managing Director
Saul SMSF
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