The audit fee independence threshold could be increased and a new transition period introduced following feedback from the SMSF sector.

Positive results are materialising from the ATO mail-outs to auditors and trustees as a means of addressing instances of SMSF auditor number misuse.

SMSF returns are showing auditors have complied with independence standards and are moving away from prohibited behaviour.

A number of ASIC investigations have found 19 SMSF auditors in breach of legal obligations, resulting in cancelled registrations or additional conditions.

Private equity assets inside an SMSF should have layers of evidence to prove their value and that they are not breaching in-house asset rules.