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Archive | SMSF Audit Issues

TSA to be

To be, or not to be. Actually, when to TBAR. That is the question.

Alas, after navigating through the June 2017 reforms; transfer balance caps, CGT relief, new contribution caps and total superannuation balances, it is time to take arms against a new sea of troubles… What is a TBAR and why is it needed? “Though this be madness, yet there is method in it” As we are all […]

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Pen and Ink

Putting It In Writing: How to ensure SMSF investment strategy compliance

Here is a summary of the requirements for having, enforcing and reviewing an SMSF investment strategy in plain language. What is the operating standard for an SMSF investment strategy? The investment strategy must: • be in writing, signed by members or trustees and kept in hard copy for  10 years; • be reviewed regularly; • […]

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Low cost audits can be full of holes

The problems with low cost SMSF audits

As in life, so in audits: you get what you pay for. Over the last quarter of 2016 the ATO conducted an extensive review of low cost SMSF audits providers (those below $400). As reported by ATO Commissioner Chris Jordan at the SMSF Association’s Conference earlier this month, the review identified areas of significant concern […]

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SMSF Auditor independence

ATO intensifies its crackdown on SMSF auditor independence

At the CA Australian & New Zealand SMSF conference Assistant Commissioner Kasey Macfarlane announced that the ATO will be increasing its vigilance in three key areas: Cheap price audits Whilst recognising that low prices need not compromise the quality of work the ATO has a number of red flag concerns: Low fixed prices – irrespective […]

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Non-independent SMSF auditors under attack!

Trick or Treat …. the ATO is knocking at the door …. Assistant Commissioner for the Australian Taxation Office Kasey Macfarlane outlined at a recent conference the ATO’s 2015/16 targets for compliance and audit action. In particular, special attention was drawn to the ATO’s strong focus on SMSF auditor independence. They will focus on: data […]

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A Monet, a bottle of Grange and a SMSF walk into a bar….

Sadly, from 1 July 2016 your client’s SMSF may no longer be able to hold investments in collectables and personal use assets. Tougher, stricter rules will apply. New investments were caught from 1 July 2011, but by 30 June 2016 the new rules will apply to all. What investments are caught? A complete list is […]

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The top four SMSF audit issues that are consistently arising

By Joel Curry   2015 FY SMSF Audit update: 11 weeks down; 15 weeks till Christmas…. Is it mid September already and was I imagining the Christmas decorations I saw in stores this week? Hopefully we are all well into completing compliance work for our clients and their SMSFs in the run down (run up?) […]

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London buses

Members living overseas – does this result in a SMSF becoming non–complying?

  Possibly – but don’t panic!  There are practical steps that can be taken to allow members to maintain their SMSF even whilst living overseas.   What is the issue?  A SMSF ceases to be a complying Fund in a year in which it is not an Australian superannuation fund.   What problems does this […]

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SMSF News 2014/4 ATO gives the OK to loans to unrelated trusts – but there is a catch…

The ATO has confirmed in ATO ID 2014/23 that a loan from a SMSF to an unrelated trust will not be treated as an in-house asset. We believe however there are some hidden catches to consider when advising clients: 1.  Be careful the Trust is not related.    Review the definition of “control of a trust”  and […]

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