Tuesday, 26 February 2008 
 
 
Acting Deputy Commissioner of Superannuation for the Australian Taxation Office, Ian Read, told business professionals that the responsibilities for those setting up and managing Self Managed Superannuation Funds have never been more important.  
Presenting at the Institute of Chartered Accountants (the Institute) Self Managed Superannuation Funds (SMSF) Conference in Sydney on Friday, 22 February 2008, the Acting Deputy Commissioner commented on the continued growth of SMSFs and the responsibility of the roles that trustees and auditors have.  
 
"The self managed funds industry has enjoyed significant growth over the past year. There are now 372,000 SMSF’s in Australia representing the interests of 718,000 individuals. Assets have grown to $300.2 billion in the last year alone," Mr Read said.  
 
The increase in SMSFs indicates growing confidence by consumers in managing their financial wealth, the challenge facing the government and industry is the need for continued education based on a SMSFs lifecycle.  
 
"We are looking at tailoring information to the life cycle of a self managed super fund. For example, the information needs of those setting up a fund are quite different to the needs of drawing a pension or during the accumulating of funds stage," he said. 
The government recognises that the industry has also addressed the importance of the education of trustees and auditors of SMSFs and that trustees comply with their obligations. The government, in association with industry, has developed new tools, including the introduction of an electronic auditing tool, which will be released later this year.  
"Fast forwarding to 2020, the government will continue to work with industry on further education measures, placing increased importance on the independence of auditors of SMSFs. If you are to map out a successful path to 2020, it must include a focus on educating clients about their obligations under super and tax laws,” Mr Read said. 
 
Hugh Elvy, Manager of Financial Planning and Superannuation for the Institute said the Institute is dedicated to educating members on the importance and independence of auditors of SMSFs. The Institute, in association with CPA Australia Limited and the National Institute of Accountants, has developed and released a set of competency requirements that clarify the skills that auditors need in order to check that trustees are fulfilling their legal obligations. The Australian Taxation Office as the regulator for SMSFs has been consulted in connection with this initiative.  
“The competency requirements prescribe the competencies for members of the three professional accounting bodies who audit SMSFs. They provide clarification, guidance and assistance to auditors of SMSFs, and are expected to contribute greatly to the assurance that trustees, beneficiaries and the regulator gain,” Mr Elvy said. 
The joint competency requirements were released on Monday, 25 February 2008 by the three professional bodies.