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. 

 

• 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.

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