SMSF trustees are not fully aware of new asset valuation guidelines and auditors are finding themselves having to educate them on the changes.

Practitioners have been reminded to submit their responses to the SMSF auditor number misuse mail-out performed by the ATO last September.

Measures affecting SMSFs as a result of COVID-19 should encourage trustees to consult with their fund auditor more often.

Trustees and accountants can play an active role in compiling sufficient property valuation information for an SMSF audit.

SMSF auditor numbers are declining and recent changes to independence and fees are likely to drive that trend further.

The proposal to introduce a hard limit on audit fees originating from one referral source has been opposed by the SMSF Association.