Relatives are defined in both Section 10 (1) and Section 17A of SISA. Section 10 (1) definition is relevant in determining who is a related party of the SMSF and whether an SMSF is providing financial assistance. Relatives in Section 17A are in relation to the fund structure in order to meet the definition of […]
SMSF Audit Articles
SMSF Compliance Risks: compliance traps to watch out for in the 2018//19 financial year. TBAR, NALI, LRBA, downsizer contributions, ECPI, depreciation.
The 2017 SMSF audit report has moved the auditor’s opinions to the top of both Part A and Part B. Broadly they are followed by basis for opinion
A number of amendments have been made to the superannuation reforms that were proposed in the 2016/2017 Budget. These changes are announced on 15 September 2016. On 7 September 2016 and 27 September 2016, the Government released the exposure draft legislations and regulations tranche one and tranche two. Once legislated, most measures will take effect […]
What is a trustee representation letter? A trustee representation letter is an essential document required for every audit under ASA 580 and ASAE 3100. The auditor is responsible for obtaining written representations from the trustees. A trustee representation letter is a form of audit evidence. It is written confirmation of certain understandings between the auditor […]