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 »
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 »
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 »
The past fortnight has seen two presentations by senior representatives of the Australian Taxation Office (“ATO”) to the SMSF industry. These presentations have shed light for trustees and the profession as to some of the key concerns and target areas to ensure ongoing compliance within the SMSF sector. I recently presented at the SISFA Forums in Brisbane … Continue reading »
There has been plenty of debate in recent time within the media and SMSF industry regarding the proposed non-compliance of SMSFs that do not lodge their outstanding prior year (2009 and earlier) SMSF Annual Returns by 31 August. Whilst many experts within the industry have been stating that this is not enforceable by the Commissioner, … Continue reading »