Nov 14, 2020 | SMSF Penalties
Is there a glaring omission in the new Practice Statement Law Administration 2020/3 (PSLA)? It would appear at first glance that s166 SIS doesn’t cover all the reportable breaches of SIS and applies to specific provisions only. While this is technically true,...
Oct 26, 2020 | SMSF Penalties
SMSF auditors have been handed a small, but significant, shift in their responsibility as SMSF gatekeepers by the release of a new penalty regime under Practice Statement Law Administration 2020/3 (PSLA). The PSLA guides ATO staff on how to apply administrative...
Oct 12, 2020 | Audit Independence
The new rules for SMSF auditor independence are clear about the choice facing SMSF firms undertaking both the audit and accounting functions in-house: they can either continue doing the audit or the accounting work, but not both. Choosing the audit work means SMSF...
Sep 28, 2020 | Derivatives
As official interest rates hover at an all-time low of 0.25%, the derivatives lure catching SMSFs stems from their inability to generate acceptable returns through defensive assets such as cash and term deposits. While this predicament severely impacts SMSF trustees...