The SMSF Association has received a significant amount of member feedback expressing concerns over the federal budget proposal for a three-yearly audit cycle for SMSFs with a good compliance and record-keeping history, as well as the industry body’s response.

The opportunity for SMSFs with a good compliance, record-keeping and lodgement history to move from an annual audit process to instead having to perform a fund audit every three years has the potential to damage the integrity of the sector, according to some industry service providers.