ASF Articles
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...
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...
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...
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...
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...
The Pitfalls of Property Valuations – Part 3
Unless an SMSF has invested in property through a limited recourse borrowing arrangement (LRBA), the fund is prohibited from borrowing under s67 SIS. The most common way to verify a borrowing is to review the results of a property title search and see whether there...
The Pitfalls of Property Valuations – Part 2
Property development in an SMSF encompasses many activities that range from the renovation and re-lease of existing buildings to the purchase of vacant land for development. It’s not impossible to obtain a valuation for a partly completed...
The Pitfalls of Property Valuations – Part 1
Property development is a popular investment choice for SMSFs because in many cases the returns are greater than investing in a single property. At audit time, however, the pitfalls of obtaining a satisfactory property valuation can result in a...
How to Avoid an SMSF Trust Deed Disaster
It's easy to underestimate the importance of an SMSF trust deed due the lengthy, legal and technical nature in which it is written. As a result, it can often be overlooked by SMSF advisers and auditors. But the super reforms have reinforced, yet again, that the trust...
Navigating SMSF Market Valuations
Written by Shelley Banton, Executive General Manager, Technical Services, ASF Audits The current market valuation of all SMSF assets, especially property and unlisted companies, has a significant impact on a member’s $1.6 million transfer balance cap and $1.6...
Why Technology Won’t Replace SMSF Auditors
Written by Shelley Banton, Executive General Manager, Technical Services, ASF Audits Many SMSF trustees and advisers could be forgiven for thinking that recent developments in technology mean that SMSF auditors no longer add any value to the audit process....