News : Auditing

ATO, Auditing, Compliance & Regulation

Trustee declaration obligation tweaked

The ATO has moved to provide a more practical compliance solution for situations where an SMSF’s original trustee declaration cannot be located.

The ATO has moved to provide a more practical compliance solution for situations where an SMSF’s original trustee declaration cannot be located.

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ASIC, Auditing

More auditors experience ASIC ire

ASIC moved against 28 approved SMSF auditors between January and June this year, bringing the total of these actions to 48 for 2024/25.

ASIC moved against 28 approved SMSF auditors between January and June this year, bringing the total of these actions to 48 for 2024/25.

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ASIC, Auditing, Compliance & Regulation

More SMSF auditors disciplined

ASIC, Australian Securities and Investments Commission, SMSF auditors, audit

ASIC moved against 28 approved SMSF auditors between January and June this year, bringing the total of these actions to 48 for 2024/25.

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Auditing

Auditor review leads to ASIC referrals

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, ATO, auditor reviews, referrals, ASIC, compliance action, auditing and assurance standards, audit evidence, independence requirements

The ATO has referred 41 SMSF auditors to ASIC as a result of its review into the practices of more than 200 of these professionals.

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ASIC, ATO, Auditing, Regulation

More SMSF auditors sanctioned

ASIC, SMSF auditor, Australian Securities and Investments Commission, ATO,

ASIC has cracked down on 17 SMSF auditors who failed to meet their compliance obligations, banning some and imposing various disciplinary measures on others.

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Auditing, Property

Short-stay lodging docs expected

Accurium, Anthony Cullen, audit, lease, residential property, Frank La Spada, Seamless SMSF, Short-stay accommodation, self managed superannuation, self managed super, SMSF

Acceptable documentation for audit purposes is obtainable for short-stay accommodation properties held within an SMSF as proof of compliance.

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Auditing, Compliance & Regulation

Rectified breaches still require an ACR

SMSF, Self-managed super, auditor contravention report, ACR, Accurium, Anthony Cullen, Seamless SMSF, Frank La Spada, compliance breach rectification

An SMSF compliance breach that has been rectified in the year in which it occurred will still have to have an ACR lodged for it with the ATO.

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ATO, Auditing

Trustee non-compliance gets worse

ATO Paul Delahunty auditor contravention reports SMSF Self-managed superannuation

Auditor contravention reports lodged with the ATO have shown a jump in non-compliance among SMSF trustees over recent years.

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ASIC, Auditing

ASIC takes action against SMSF auditors

SMSF auditors ASIC

ASIC has removed nine SMSF auditors from practice and imposed conditions on four more practitioners after referrals from the ATO.

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ATO, Auditing, SMSF

Action starting on unchanged asset values

SAR SMSF annual return ATO unchanged asset values

The ATO has issued letters to SMSFs that continue to report unchanged asset values and will be focusing on this year’s annual returns.

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