The ATO are on a permanent war footing about the integrity of SMSFs, after all there’s a lot of people’s future happiness tied up in them. Right now, they are half-way through auditing the TOP 100 SMSF auditors in the country. Combined we account for over 65% of all SMSFs. I am delighted to report […]
Are you ok? Do you need help? These two questions have never been so important. Please get in contact if I can be of any help on any SMSF matter. Following on from my recent advice the ATO has provided some certainty for Trustees being asked for rent relief from related tenants. The ATO have […]
My thoughts and prayers are going out today to those affected by this crisis. I have already directly spoken to clients in the hospitality industry that sadly have to close their doors today. As a flow on they are having immediate discussions with their landlord to freeze or re-negotiate tenancy agreements. There will, of course, […]
What’s involved in an SMSF audit? The purpose of the SMSF audit is to complete a thorough financial and compliance audit. The ATO has strict rules about how funds should operate, and the audit is an essential part of making sure the fund complies. As you already know, SMSFs are a paperwork-heavy beast. And as […]
The ATO are halfway through their review of the top 100 SMSF auditors in the country. I am delighted, and saddened, to announce that TriSuper Auditors is one of only ten to have been given a clean bill of health. Delighted because it validates the diligence, independence and care we take to ensure your SMSF […]
And why cheap SMSF audits may not be good value Your SMSF audit fees pay for an independent, expert opinion on the state of your superannuation investments. In fact, a detailed audit is essential to the viability of your super fund, because the ATO is cracking down on funds that contravene the legislation. For the […]
Legislation has recently passed to strengthen the non-arm’s length income (NALI) provisions contained in section 295 of the ITAA97. Non-arms length income derived by a SMSF can be taxed at the highest marginal rate rather than the 15% concessional rate. Starting from the 2018/19 year, the provisions will also apply where a SMSF deals with […]
Like Rick Stein with a notepad on a Mediterranean odyssey, the ATO is now seeking to find out the secret ingredients of your client’s investment strategy. In recent weeks the ATO has outlined a new approach to investment strategies, conducting a mail out this week to 17,000 at risk SMSF’s. Already, we have been contacted […]
How compliant are your clients? At the heart of your client’s SMSF is their investment strategy. It’s why they wanted to manage their own super. They believed they could do a better job. At the heart of superannuation is the ability for Australians to provide for a happy retirement. To have financial independence and enjoy […]
In the past, many accountants haven’t put enough emphasis on the SMSF investment strategy. After all, if the client is a “Mum and Dad” fund, and they make a bad investment decision for their superannuation, that’s their own problem. But what about when there are other trustees involved, such as grown-up kids in the family […]
What does this mean for the future of SMSF Audits? While I watched in anticipation of an exciting Budget Night on Tuesday 9th April, it was a bit of a fizzer for SMSF news. The three-year audit cycle proposal was notably absent, so it would appear the idea has been dropped (which I’m pleased about). […]
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 […]
