Jul 29, 2019 | Audit Standards, SMSF Audit, SMSF Auditors
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... 
May 9, 2018 | ATO, Budget, SMSF Audit, SMSF Auditors, SMSF Compliance
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... 
Apr 9, 2018 | ATO, SMSF Auditors, Super Reform
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... 
Nov 20, 2017 | Property, SMSF Auditors, Super Reform
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 headache for everyone... 
Sep 18, 2017 | ATO, Market Valuation, Property, SMSF Auditors, SMSF Compliance
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... 
Aug 8, 2017 | Property, SMSF Auditors, SMSF Compliance, Technology
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.... 
