What’s the latest news in SMSF? The big news in SMSF auditor circles is the recent disqualification and suspension of auditors. Let’s take a look at the impact ASIC’s decision might have on auditors and trustees. Plus, a reminder that Quarterly TBAR Reporting is due on 28th April – details below. If you or your […]
![What an SMSF audit is not [image]](http://trisuperauditors.com.au/wp-content/uploads/2018/10/TriSuper-What-an-SMSF-audit-is-not-160x160.jpg "What an SMSF audit is not")
Are your clients getting value from their SMSF audit? There has been a lot of noise in the industry about new technology and low-cost SMSF audits. It’s possible that your clients are questioning the cost of their SMSF audit and asking about cheaper options. To help you explain the difference between low-cost and high-quality audits, […]
Know the key dates and how to avoid harsh penalties We’ve ticked over into a new financial year, which means it’s time to wrap up the previous year’s SMSF annual return paperwork. This guide helps accountants and trustees to check the ATO’s SMSF annual return deadlines and avoid harsh penalties. When to start preparing an […]
Recap on the ATO’s July 2017 SMSF reforms Just as winter has arrived, EOFY is coming. The ATO’s July 2017 SMSF reforms marked significant changes to contribution and balance caps and reporting requirements. As the end of financial year approaches, I’ve put together a list of the key things you need to know. I’ll include […]
Will the changes be in trustees’ best interests? It’s there in black and white in the 2018 Federal Budget: “The Government will change the annual audit requirement to a three-yearly requirement for self-managed superannuation funds with a history of good record keeping and compliance.” However, the predicted benefits to trustees of having a three-year SMSF […]
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 […]
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; • […]
SMSF Record Keeping Good practices to help audits run smoothly There’s no doubt about it – SMSFs require a lot of paperwork. Reminding your clients to practice good SMSF record keeping can make the difference between a smooth SMSF audit or a not so smooth SMSF audit. To help with the paper trail, the following […]
Relationship breakdowns and major life changes can seriously impact an SMSF. Break ups can be messy, especially when large amounts of money are involved, like Superannuation and property. This is why a trust deed is extremely important when setting up an SMSF. An SMSF trust deed spells out the rules of the fund including what […]
The July 2017 reforms brought with it significant changes to treatment of Transition to Retirement Income Streams (TRIS) within the SIS and Income Taxation regulations. Pre July 2017 As a background a TRIS traditionally has allowed a member to access their superannuation once they reached preservation age without having to satisfy a full condition of […]
Referral sources of audits and discrepancies in the valuation of assets are in the ATO’s sights In a recent update, the ATO has reminded us about its continued focus on SMSF auditor independence. ATO assistant commissioner Kasey Macfarlane said “SMSF auditors need to apply their judgement to [all] situations where there could be a perceived […]
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 […]
