Dealing with Auditor Convention Reports in Light of Changes


The recent changes to how the Australia Taxation Office (ATO) reviews ACRs means that a Self-Managed SuperFund (SMSF) does not automatically becomes non-compliant when an SMSF Auditor lodges an ACR.

The most recent figures show the ATO made only 92 Funds non-compliant during the 2014/15 financial year. With more than 556,000 SMSFs in existence and a 2.5% ACR lodgement rate, there is a 0.07% chance a Fund with a reportable breach will get taxed at the highest marginal rate.
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