ASF Articles
Does SMSF Litigation Risk Die with Trustees?
How many times have we heard that it’s only an SMSF audit; there’s not much in the fund, or it’s not high-risk? For some reason, the perception still exists that an SMSF is more straightforward to audit than any other entity. Interestingly, the auditing standards that...
Why Didn’t My SMSF Auditor Check That?
SMSF auditors are the last link in a long superannuation chain before the annual return gets lodged. And when things go wrong, SMSF auditors can often be an easy target to blame. But not everything is as simple as it seems because it’s the auditing standards and SIS...
Accepting EOFY Contributions After June 30
Typically, SMSF contributions aren’t counted until the payment is received in the fund's bank account. The problems start, however, when June 30 falls on a weekend or Monday as this provides minimal scope for contributions to be accepted at the last minute. The secret...
3 Simple Rules for Related Parties
Trying to identify related party transactions in an SMSF can seem like pulling apart a set of Russian dolls: the first entity links to another entity, which, in turn, has another entity inside of it, and so on. The question is how far do you continue searching to...
The Hidden Path to Independence
ASIC recently announced that seven (7) SMSF auditors with independence issues were either deregistered or had a condition placed on their registration. It's beyond belief that SMSF auditors continue to be pinged by the Regulator for auditing their own, or a related...
What’s the Value of an Unlisted Asset?
Two recent cases[1] involving SMSF auditors have focused industry attention on the obligation of SMSF auditors to verify assets valued at market value. The headaches start, however, when a fund invests in unlisted assets, such as unlisted companies and trusts. The...
ASF Audits Acquires Nest Super
We are proud to announce that ASF Audits has acquired Melbourne-based specialist SMSF auditing firm, Nest Super as we expand our business in Australia. Nest Super director Casey McGrath has joined the ASF Audits board. ASF Audits managing director Richard Smith said...
Potential Problems with Pension Payments
There’s no doubt the new rules and regulations associated with Super Reform are confusing. We are now seeing new issues starting to emerge that will have adverse tax consequences for unsuspecting SMSFs. This is a timely reminder to help SMSF advisers avoid potential...
Lessons About How Not to Meet SMSF Professional Standards
One of the most critical aspects of the Ryan Wealth Holdings Pty Ltd vs Baumgartner [2018] NSWSC 1502 case was the auditor failing to confirm that the fund’s investment strategy had given appropriate consideration to risk, return, liquidity and diversification and...
Navigating Simple TRIS Mistakes
It’s a whole new TRIS world out there, with some SMSF advisers starting to make simple mistakes that could have far-reaching implications for SMSFs. Getting it wrong may be the difference between an SMSF being able to claim exempt current pension income (ECPI) or not....
Putting the SMSF Brakes on Three-Yearly Audit Cycles
We’ve heard many reasons why the three-yearly audit cycle won’t reduce red tape or SMSF audit fees, and how it will increase the burden on SMSF trustees resulting in more auditor contravention reports (ACRs). But the SMSF industry has ignored one critical reason as to...
5 Reasons Why a Data Feed Isn’t an SMSF Audit
There is a perception in the SMSF industry that once a data feed is in place, there is nothing left for an auditor to do. While technology has provided enormous benefits through the automation of repetitive SMSF audit tasks, an SMSF auditor is still required to meet...