How Companies Can Avoid Audit Delays Through Better Communication
In accounting and auditing, technical expertise is vital, but clear communication is the foundation of a seamless audit process. Effective coordination between accounting firms and external auditors ensures smooth information flow, aligned expectations, and early issue identification. Without it, audits can face delays, inefficiencies, and misunderstandings that impact both auditors and clients. At National Audits […]
Auditing Unlisted Investments in a Nutshell
The unlisted investments in a Self-Managed Superannuation Fund (SMSF) require careful compliance with superannuation and tax laws. But auditing these investments doesn’t have to feel like pulling teeth. It can be surprisingly satisfying with a bit of structure (and maybe a good cup of coffee). Let’s break it down with some easy-to-digest steps and tips […]
SMSF Compliance Update: 2026 Legislative Changes For Trustees
Key SMSF Updates for the 2025 Financial Year The 2025 financial year introduced key updates in the self-managed superannuation fund (SMSF) sector, affecting contribution caps, taxation, benefit payments, and regulatory compliance. The 2025 FY updates form part of broader SMSF compliance updates and ongoing SMSF legislation changes that trustees and financial professionals must stay informed […]
Understanding Limited Recourse Borrowing Arrangements (LRBAs) for SMSFs
Limited Recourse Borrowing Arrangements (LRBAs) enable Self-Managed Superannuation Funds (SMSFs) to leverage borrowed funds for asset purchases, presenting opportunities for growth while safeguarding the fund’s other assets from potential risks. The complexity of these arrangements necessitates rigorous auditing practices to ensure compliance with regulatory standards. This article explores the fundamentals of LRBAs, the requirements for […]
SMSF Death Benefits: Key Insights for Secure Planning
Managing a Self-Managed Super Fund involves investment strategies and planning for SMSF death benefits. Handling benefits is crucial to ensure they are allocated to the correct beneficiaries and comply with legal requirements. This article outlines the key considerations and audit processes for SMSF death benefits, guiding you through every step. Managing Trusteeship After Death […]
SMSF Collectables and Personal Use Assets
What are Collectables and Personal Use Assets? Collectables and personal use assets are investments typically enjoyed for personal pleasure or everyday use. However, when acquired by a super fund, they must serve genuine retirement purposes and comply with the sole purpose test, providing no present-day benefits. These assets, known as SMSF collectables and personal use […]
Downsizer Contributions – What SMSF Auditors need to know
More and more older Australians are seeing the benefits of selling the family home in favour of a smaller home or an apartment. To facilitate this, generous financial incentives have been available since 1 July 2018 for those who are ready to downsize. What is a Downsizer contribution? The downsizer contribution, as defined by the […]
SMSF Property Valuations – Auditor Responsibilities in the Spotlight
Property valuations are basically appraisals of property widely used to form an audit opinion about the investment. Regulation 8.02B of SISR requires valuation of all fund assets when preparing financial statements and accounts for SMSF funds each year. Usually property valuation is calculated at ‘market value,’ however other factors including the property type, its surrounding, […]
SMSF Investment Strategies – Auditors beware!
In the realm of superannuation, case law has a significant influence on how advisers, investors and auditors operate. In 2018, the outcomes of two court cases led many auditors to refocus their audit processes. Some still need to do so. In Ryan Wealth Holdings Pty Ltd v Baumgartner, the Court assessed damages in the sum […]
The Changes Impacting SMSF Audits You Need To Know For FY22
Several changes were made to Superannuation from 1 July 2021 which may impact the audit of your SMSF clients this financial year. SMSF auditors and those in the financial services industry would do well to familiarise themselves with some of the most recent changes impacting the industry for FY22 reporting. We will cover some of […]