Embracing recent changes made to the independence guidelines (in APES 110 Code of Ethics) the ATO has adopted an uncompromising position that the one firm cannot prepare the financial statements and also undertake the SMSF audit unless the following applies: (a) the non-audit services provided by the firm are “routine or mechanical in nature”; and (b) the auditor is able to reduce the self-review threat to an acceptable level. In a simplistic interpretation of the ATO’s comments around “routine and mechanical”, it would seem an accountant cannot help the SMSF trustees prepare the financial statements in any capacity and audit them. The ATO is clearly indicating that tax professionals will now have to choose between auditing or preparing the financial statements.

If you set up a self-managed super fund (SMSF), you're in charge,  you make the investment decisions for the fund and you're held responsible for complying with the super and tax laws. It's a major financial decision and you need to have the time and skills to do it.

An SMSF must be run for the sole purpose of providing retirement benefits for the members or their dependants. Don't set up an SMSF to try to get early access to your super, or to buy a holiday home or artworks to decorate your house. These things are illegal.

It's best to see a qualified, licensed professional to help you decide.

Since 1999, the sector has grown from around 200,000 SMSFs with $55 billion in assets to 600,000 SMSFs totalling $750 billion in assets. Today, SMSFs comprise nearly one third of Australia’s total $2.76 trillion retirement system.