News : Auditing

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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Auditing, SMSF

SMSFs maintain their value

SMSF costs Class benchmark report

The cost-effectiveness of SMSFs has continued to be drawn out, with new research showing fund expenses total less than 1 per cent of assets despite increases in underlying investment fees.

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ASIC, ATO, Auditing, Compliance & Regulation

Record number of auditors referred to ASIC

ASIC ATO SMSF auditors referral

The number of referrals of auditors to ASIC by the ATO has climbed to its highest level in five years due to concerns about independence and evidence gathering.

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ASIC, Auditing, Compliance & Regulation

Eight SMSF auditors disciplined

SMSF auditors

ASIC has disqualified the registrations of five SMSF auditors and placed additional conditions on the registrations of three SMSF auditors for failing to meet their auditing obligations.

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Auditing, Residential Property

Online valuations require cautious approach

Residential property valuations

A degree of caution should be exercised when using online services to determine the value of a residential property owned by an SMSF.

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ASIC, Auditing

ASIC sanctions more SMSF auditors

SMSF auditors

ASIC has taken enforcement action against 11 registered SMSF auditors, including the disqualification of seven practitioners.

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Auditing

ASIC voids 374 SMSF auditors

A total of 374 SMSF auditors have had their registration with the Australian Securities and Investments Commission cancelled for compliance issues.

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Auditing

Six SMSF auditors penalised

SMSF auditors

ASIC has taken action to remove five SMSF auditors from practice and imposed conditions on another auditor following referrals from the ATO.

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