ASF Articles

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...

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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...

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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...

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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...

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Proposed Change to SMSF Audit Cycle

As announced in the 2018 Budget, the Government has proposed a change to the annual audit requirement for SMSFs to a three-yearly cycle where an SMSF has a history of good record-keeping and compliance. The proposal is effective from 1 July 2019, however, there have...

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The Keys to Effective SMSF Reporting Criteria

A recent review of the 2016 SMSF annual statistics released by the ATO indicates that some SMSF auditors are continuing to lodge ACRs unnecessarily. The key to effective SMSF reporting criteria lies with how SMSF auditors interpret the twenty-two (22) sections and...

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The Ugly Truth of Super Reform

The current era of unprecedented SMSF technological change has overwhelmed many SMSF advisers. And as we’re constantly being told to adapt or get left behind, how does that translate into everyday practice? The ugly truth is that Super Reform will force SMSF advisers...

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Why Cryptocurrency is SMSF Kryptonite

As SMSF trustees start to chase higher returns in a low-interest rate economy, interest in investing in cryptocurrencies (such as Bitcoin “BTC”) is on the rise. But with the BTC bubble hotly anticipated to burst, is cryptocurrency just SMSF kryptonite in disguise? As...

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