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ATO’s Watchlist on SMSF Audits FY22-23. The ATO has instructed SMSF auditors to focus on 4 key areas during the 2022-23 financial year. Find out what these are.

ATO'S WATCHLIST ON SMSF AUDITS FY22-23

1 November 2022

The ATO has instructed SMSF auditors to focus on 4 key areas during the 2022-23 financial year. 

 

  • Asset and property valuations

  • SMSF investment strategies

  • Non-arm’s length transactions

  • Covid rent relief and payments

 

Why are these areas important?

 

Asset and property valuations affect pension amounts, superannuation balance reporting, the tax-free status of an SMSF and the overall financial well-being of the members.

 

Investment strategies are a valuable guide to assist the Trustees' decision-making and investment focus. Various investment strategies have recently been an area of increased litigation, and this affects all SMSF stakeholders.

Need SMSF auditing help? Schedule a free SMSF audit consultation with the Superannuation Audit Services team.

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