Articles
The latest financial auditing, compliance, reporting and
SMSF news, information, and resources
Why Annual Asset Valuation is More Important Than Ever
As the end of financial year approaches, it’s timely to remind self-managed superannuation Trustees of their compliance obligations, and in particular the need to ensure assets are valued correctly. While this is regular practice, given that the...
Why the Federal Government’s Plan to Double the Superannuation Tax Rate is Inequitable and Unsustainable
Despite the Federal Government claiming changes to superannuation will make the system ‘more sustainable and fairer’, closer examination of the draft legislation reveals the measures are actually inequitable and unsustainable in the long term. At a...
Why Your Auditor Should Be Insisting Self-Managed Super Funds Have a Written Lease Agreement
As an auditor, I am passionate about the need for simplicity and reducing red tape where possible, and yet when it comes to lease agreements, I believe it should be best practice for auditors to insist upon a written agreement for transactions with...
More Than Just Compliance – How Representation Letters Can Help Trustees Avoid Complacency
On the back of recent amendments to the Superannuation Industry (Supervision) Act allowing a change in financial statement signatory requirements, questions are being asked about whether audit documentation should also be subject to those changes....
How an Auditing Expert is Using TikTok to try and Stop the Federal Government’s Proposed Changes to Super
An auditing expert has taken to the ‘young-people’s medium’ – TikTok – in a bid to educate the younger generation about the Federal Government’s planned changes to Australia’s superannuation system. Naz Randeria isn’t looking to become an...
The Costly Mistake SMSF Trustees Are Making – And How to Avoid it.
It goes without saying that assets held by a Self-Managed Superannuation Fund need to be correctly valued and insured, but too many Trustees are not aware that failing to have an insurance policy over an asset held by the SMSF could cost them...
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