How many heads are on your SMSF chopping block? Almost 76 per cent of all SMSFs have individual trustees rather than a corporate trustee. That percentage appears to be increasing, with the ATO stating in the three years to 2013, there was a 1 per cent...
[caption id="attachment_5203" align="alignnone" width="300"] Involve Trustees in their investment strategy[/caption] CPA Super Update yesterday raises the question I keep asking myself - Why do accountants do all their clients SMSF administrative work? Is it for efficiency or a lack of understanding from Trustees? In a recent speech,...
From the ATO SMSF News Alert 11 September 2013: Can the intended auditor still audit your SMSF? Each income year, a self-managed super fund (SMSF) trustee must appoint an independent approved SMSF auditor to perform a financial and compliance audit of their SMSF's operations before they lodge...
As of 19 March 2013 TABS - Super Fund Auditors are officially registered SMSF auditors with ASIC.....
The ATO website has a good summary of the legal protection available to SMSFS - in summary, SMSF trustees need to take preventative steps to avoid future problems such as always requiring 2 signatures on super fund cheques. http://www.ato.gov.au/content/00327490.htm....
Measures introduced on 7 August 2012 are part of the suite of measures announced within Stronger Super. These measures mean that you, as trustee of an SMSF, are: ** required to conduct a review of the fund's investment strategy on a regular basis ** required to consider...
On 23 June 2012 the Australian Government announced the details of the self-managed superannuation funds (SMSF) auditor registration requirements. From 31 January 2013, auditors of SMSFs will be able to apply for registration with the Australian Securities and Investments Commission. All auditors must then be...