SMSF Association Submission
The SMSF Association (SMSFA) welcomes the opportunity to provide a submission on the miscellaneous amendments to Treasury portfolio laws 2020. We focus this submission on details of the Treasury Laws Amendment (Miscellaneous Amendments) Regulations 2020.
Item 67 prescribes a time by which annual accounts and statements must be prepared, in respect of an SMSF, in accordance with section 35B of the SIS Act 1993. Currently, no time is prescribed by the Regulations.
This submission details how the practical application in unworkable, contains disproportionate penalties, outlines enforcement and definition issues as well as the reduction in quality/increase accounting and audit fees for trustees.