The year in review: SMSFs in 2012
ATO / Audit / Contributions / Limited Recourse Borrowing Arrangements / Pensions / Professionals / SMSF / SMSF Compliance / SMSF Strategy

The year in review: SMSFs in 2012

It’s been a fascinating year… an Olympic year, with golden memories from London, a diamond jubilee, a Korean named Psy had a billion visits on YouTube in just five months, and the world still lingers on the precipice of further economic turmoil.  It is this global uncertainty that has arguably continued to have the biggest impact on superannuation and … Continue reading »

The ASIC game-changer for SMSF auditors
ATO / Audit / Professionals / SMSF / SMSF Compliance / Trustee education

The ASIC game-changer for SMSF auditors

The next few months starts a transformation for more than 12,000 SMSF auditors, with ASIC registration to open to become an Approved SMSF Auditor.  This registration is mandatory for all SMSF auditors to continue to conduct self managed super fund audits post 1 July 2013. With about 50% of the SMSF auditors currently auditing 10 … Continue reading »

ATO / Audit / Professionals / SMSF / SMSF Compliance / Trustee education

Liar liar pants on fire…

Financial distress can cloud an individual’s judgement and recent AAT case has highlighted that telling “porky pies” isn’t going to win any favours with the Commissioner of Taxation. The case of Sinclair and the Commissioner of Taxation was an appeal by the taxpayer as to the assessability of an illegal early release amount from BT rolled … Continue reading »

Announcements / ATO / Audit / Professionals / SMSF / SMSF Compliance

Cost no barrier for SMSF auditors, but competency could be?

The announcement of the  replacement of the accountant’s exemption has grabbed much of this week’s headlines, but for SMSF approved auditors,  the release of the ASIC registration requirements provided some much-needed guidance around minimum levels of competency and the costs of registration.  For those auditing more than 20 funds, there was a reprieve from having … Continue reading »

Audit / Professionals / SMSF / SMSF Compliance / Trustee education

Greater enforcement to rectify contraventions a key part of the new SMSF landscape

The powers provided to the Australian Taxation Office (ATO) to deal with issues of non-compliance by SMSF trustees has been reasonably inadequate, something that was acknowledged by the Cooper Review Panel as part of the Super System Review.  The ATO in many respects had been known to have two options in dealing with trustee contraventions: … Continue reading »

ATO / Audit / Professionals / SMSF / Webinars

The Spotlight on SMSF Auditors webinar now uploaded

We had a great response today to the “Spotlight on SMSF Auditors” webinar with more than 100 people logging in to listen to Jo Heighway from Engage Super discuss with Aaron Dunn, the impact of the Stronger Super reforms for SMSF auditors. This session explored the recommendations from the Stronger Super reforms including: ASIC Auditor … Continue reading »

Announcements / Audit / Professionals / SMSF / SMSF Compliance / Webinars

Join us for a free webinar on the spotlight on SMSF Auditors

The Stronger Super reforms are about to dramatically change the landscape for more than 11,500 auditors currently auditing more than 450,000 self managed super funds in Australia. The government is shortly expected to release final details of these changes around registration with ASIC and ongoing competency requirements as part of the Future of Financial Advice … Continue reading »