News : Auditing

Auditing, Property

Short-stay lodging docs expected

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

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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ATO, Auditing, Compliance & Regulation

ATO raises valuation angst again

ATO Market value SMSF Auditors Valuation

The ATO has expressed its concerns over SMSF asset values that have remained unchanged over multiple income years.

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Administration, Auditing, Compliance & Regulation, SMSF

Many solutions for in-house assets

In-house assets SMSF rectify

Trustees do not need to obey the letter of the law when looking to rectify a breach of the in-house asset rules from a practical perspective.

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Administration, Auditing, Legislation, Tax

Valuation manipulation a compliance issue

Market value SIS regulation 8.02B Division 296 tax superannuation earnings tax

Attempting to avoid the impact of the $3 million soft cap tax by providing undervalued asset assessments is likely to create more problems for SMSF trustees than it solves.

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Administration, ATO, Auditing, Compliance & Regulation

Valuations focus to intensify

ATO SMSF asset valuations

The valuation of assets is an area of compliance the ATO is looking to focus on with greater intensity as a result of recent data analysis.

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ASIC, Auditing

More SMSF auditors sanctioned

ATO SMSF auditors disqualified

ASIC has taken enforcement measures against 11 registered SMSF auditors, resulting in the disqualification of three practitioners during the September quarter.

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