ATO statistics show consolidation of SMSF audit industry
The number of auditors performing SMSF audits for the 2020–21 income year dropped by 757, according to recent ATO statistics.
The ATO released its statistical overview for SMSFs for the 2020–21 income year on Monday, which revealed there were only 3,944 SMSF auditors performing audits for the 2020–21 income year.
This represents a significant decline from the 4,701 undertaking audits for the previous income year, and a 31.6 per cent decline from the 5,764 auditors that performed audits for the 2016–17 year.
The statistical report also indicated just eight per cent of SMSF auditors now represent 68 per cent of total SMSF audits.
The report stated 44 per cent of SMSF auditors performed five to 50 audits and that 23 per cent of SMSF auditors performed performed between 51 and 250 audits.
For the 2021–22 income year, auditor contravention reports were lodged for 13,600 SMSFs, reporting 40,000 contraventions. Around 46 per cent of these were reported as rectified.
“The most commonly reported contraventions continued to be loans or financial assistance to members at 20 per cent, in-house assets at 17 per cent and separation of assets at 13 per cent,” the report stated.
The statistical report showed that a total of 13,800 tax agents were used by SMSFs for the lodgement of their SMSF annual return.
“For these agents, the average number of SMSF clients was 30 and the median was nine,” the ATO said.
