As a result of COVID-19, Australians’ tax debts are at a record high. During the height of the pandemic, the ATO also slowed its tax debt recovery activity, so it collected less revenue than usual.

The government has reintroduced its Bill to increase the maximum number of people who can be in a self managed superannuation fund from four up to six. Many are excited about this concept, but is it really a good idea?

Several years ago, the ATO published valuation guidelines for self-managed superannuation funds (SMSFs) to assist in their compliance obligations. SMSFs and their auditors are facing a number of challenges in applying these in 2020.