Booklet: Private Ancillary Funds (PAFs) (Chapter 7 – What are the audit requirements for a PAF?)

Booklet: Private Ancillary Funds (PAFs)

Below is Chapter 7 of our ‘Private Ancillary Funds’ booklet. To read the other chapters of our booklet, click the links below:

What are the audit requirements for a PAF?

A PAF must appoint a registered company auditor each year. Depending on the revenue and assets of the PAF, the financials may either be reviewed or audited: 

  • If both revenue and assets of the PAF are under $1 million for a given year, the financials can be reviewed rather than audited; and 
  • If either revenue or assets are over $1 million for a given year, the financials must be audited. 

There is scope under the PAF Guidelines to ask the Commissioner of Taxation to specifically review this requirement for a particular PAF. 

 

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The information contained in this post is current at the date of editing – 26 March 2024.

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