Top 5 Issues on the Audit Radar to be aware of
The main issues to be aware of right now include:
1. Property Valuations
2. Covid rent relief for related parties
3. Investment strategies
... we actually list more than five.
In the year twenty-twenty / twenty-one, it was thought accountants work was done…
But it’s now twenty-one / twenty-two and the ATO is coming….. for you….!
On that bright note, a very happy lockdowned new year to you all.
Shock Easy Budget – and Indexation of Transfer Balance Cap
I had a good night’s sleep on Tuesday night. A welcome relief after the perpetual roiling turbulence of last year.
But what does the indexation of TBC mean for clients?
The ATO is starting to crack the whip.
The leniency shown towards businesses in 2020 is about to end. There is $65 Billion in outstanding taxes and they want their money. And so does the government.
Why outsourcing your SMSF audits is good for your bottom line
"Let it go, let it go...."
In May 2020, the updated code of ethics provided clear guidelines about auditor independence. After June 2021 you are fair game for the ATO and your professional body.
The Independence noose is getting tighter.
The ATO, ASIC and professional bodies have been banging on about auditor independence for years. Their independence is crucial for the integrity and success of business environments. Whether they are registered audits, trust accounts, or SMSFs
Family Law Case Study
As part of a divorce settlement, the family law gives court orders about the division of assets between the parties The laws guiding the divisions of super assets are complex, especially when it comes to SMSFs.
Video: Rent relief for SMSF tenants
The COVID-19 induced business shutdown has caused financial stress for many small businesses, bringing about the need for rent relief.