SMSF
SMSF auditor liable for losses following litigation case
An auditor’s failure to detect irregularities in an SMSF over a number of years has led to the audit firm being ordered to pay damages for the resulting investment loss...
Landmark SMSF case sees expert tips further scrutiny
In light of the Aussiegolfa case, it’s likely the ATO will be closely monitoring the use of certain trust structures by SMSFs as a way of getting around the in-house as...
SMSF borrowing ban floated to government
The corporate regulator floated the prospect of a ban on limited recourse borrowing arrangements in SMSFs, as part of a push to protect consumers in a post-royal commissi...
Audit review times tipped to plummet for SMSF clients
SMSF auditors and practitioners have been warned to get their clients’ documentation in order, with the ATO adopting a much faster system for reviewing audit files in r...
Wealthy taxpayers cop it after tax avoidance in super
The ATO has identified numerous income streaming arrangements following an ongoing compliance program on the largest SMSFs, resulting in some funds losing their complying...
Holes in guidance open to tax manipulation
Some manipulation with tax outcomes could appear due to a lack of guidance around how distributions from managed investments and unlisted unit trusts should be treated u...
Turnaround in lodgement troubles following ATO swoop
After tens of thousands of SMSFs were under fire for late lodgement, numbers are starting to drop this financial year, according to both the tax office and auditors on th...
‘Mixed messages’ put out on quality of advice
Recent ASIC-led reviews have given mixed messages about the state of compliance in the SMSF advice space, says one technical expert.
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Accounting bodies band together to fight audit proposal
The government’s proposal to introduce a three-year audit cycle for some SMSFs has been roundly slammed by key professional bodies within the accounting industry, heapi...
Eligibility for three-year audit measure criticised
The proposed eligibility requirements for the three-year audit measure could increase the risk of contraventions as these ignore compliance concerns outlined in auditor ...
Auditors fear fee drops distort benefits of proposed changes
Any likely cost savings from the proposed three-year audit cycle will be overshadowed by the diminished integrity of the SMSF industry, as auditors continue to question t...
Property hotspots ring alarm bells for SMSFs, auditor finds
One auditor has found a concentration of property investment activity in high-density areas of Queensland, ringing alarm bells for professionals involved in those potenti...
