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SMSF Industry Survey Summary Report

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Saul SMSF conducted a survey to seek the views of SMSF industry professionals and stakeholders to understand the impact of the Federal Government’s proposed Three-Yearly Audit Cycle for Self-Managed Superannuation Funds. This survey sought to understand:

  • How will audit costs and fees change for SMSFs?
  • Would less frequent auditing weaken protection for vulnerable SMSF trustees?
  • What impact might this have on integrity of the SMSF sector?

 

260 survey respondents answered 30 questions and submitted over 1,700 comments. The results revealed that:

  • 93% do not support the change of the proposed three-yearly audit cycle
  • 94% believe that there is a greater risk of contraventions
  • 90% anticipate a greater opportunity for SMSF assets to be misused and misappropriated
  • 75% think that SMSF operating costs will increase
  • 84% believe that the integrity of the SMSF sector will decrease
  • 90% think that SMSF auditor numbers will be reduced.

 

This report also includes key findings from audited data collected from Saul SMSF's self-managed super funds with total assets of $6.225 Billion from 1 July 2014 to 30 June 2017:

  • Audit fees represent 0.03% of total SMSF assets
  • Audit fees have decreased over the last 3 years
  • Audit fees represent 2.95% of SMSF operating expenses with other operating costs such as financial planning, admin, accounting etc. totalling 97.05%.

 

Click here to read the comments and access the full report.