Trustees looking for someone to blame
When investments sour and people lose money they want to blame someone. Anyone but themselves. Aggrieved trustees are all too happy to turn to the authorities or lawyers to vent their spleen.
And in the firing line – their accountant or auditor.
The big attraction with six-member funds is that it brings more capital into the fund, giving it access to more investment opportunities otherwise not available to it.
But there are management challenges to consider. So be mindful ...
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