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Applying safeguards by the Independence Guide: 1. How does the ATO define a "larger firm"? 2. What are the requirements for a "Separate Business Division"? 3. "Routine or mechanical nature transactions" - how not defined by the ATO prior issuing the new Guide?
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Hi Zoya,
The ATO had previously advised that they would write to all SMSF auditors to explain their interpretation of the independence standards. On 13 January 2021 the ATO advised that they will now not write to auditors. Instead the ATO has advised that they are currently finalising the content of their guidance and will publish this on the internet once completed. The ATO expect to have this information published by March 2021. Once we get guidance from the ATO we will be in a better position to respond to your queries.
SMSF AAA