Preventing a SuperStream Storm at Audit
June 2022: ASF Audits head of education Shelley Banton outlines the practical challenges with SuperStream still impacting SMSFs with Aaron Dunn and Miranda Brownlee, as well as the proactive steps that can be taken to help avoid potential issues.
With SMSF auditors to start reviewing rollovers undertaken by SMSFs during the 2021-22 financial year, Shelley gives an overview of the requirements under the regulations and what evidence SMSF auditors will be looking for at audit time.
She also outlines what evidence SMSF trustees will need to provide their auditor where they have relied on the ATO’s relief for SMSFs without an SMSF messaging provider allowing rollovers and release authorities.
Shelley also highlights some significant problem areas in complying with the requirements and the importance of “stress testing” the fund for various potential circumstances to prevent future breaches.