SMSF Rules For Collectables & 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 assets, […]
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 […]
The Benefits & Risks Of 6-Member SMSFs: What You Need To Know
In July 2021, the maximum number of members to form part of a self-managed superannuation fund (SMSF) and small APRA funds was increased from four to six. The Treasury Laws Amendment (Self-Managed Superannuation Funds) Bill 2020, which resulted in this increase in fund member sizing, is also responsible for extending the eligible age of the […]
Choosing The Best SMSF Auditor: Key Factors For Melbourne Firms
There are only a few weeks before the 1 July changes to auditing standards come into effect, with in-house audits at risk of not complying with the Code. So, if your company is considering seeking external auditing services, there are a few fundamental questions to ask when selecting a new SMSF auditor in Melbourne. Time […]
The Consequences Of Illegal Early Access To Superannuation
Written by SMSF Audit Manager James Song. Regulatory attention on superannuation compliance remains strong, with the ATO continuing to focus on illegal early access to super through increased surveillance and data-matching. The ATO warns against SMSF early withdrawal where a valid condition of release has not been met, particularly as more complex risks emerge. What […]
What do the new SMSF Auditor Independence Requirements mean for your firm?
For smaller firms unable to specialise in SMSF audits, there are real challenges in providing these services in a truly independent manner.