SMSF Compliance Risks: compliance traps to watch out for in the 2018//19 financial year. TBAR, NALI, LRBA, downsizer contributions, ECPI, depreciation.
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SMSF Audit Articles
What’s New in the 2017 SMSF Audit Report
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
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What is a Trustee Representation Letter and How to Use it as a Valuable Tool for Trustee Compliance and Fund Operation
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 […]
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5 SMSF Breaches You May Not Know About
Although they may seem obvious, practitioners and trustees alike continue to be confused by potential breaches that are identified during an SMSF audit. 1. Not getting back to the auditor on time S.35C(2) Trustees must ensure that requested relevant documents are given to the auditor within 14 days of the request being made. S.35C(2) is […]
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Formulate, Review Regularly and Give Effect to an SMSF Investment Strategy
The SMSF investment strategy is to be regularly reviewed as required by SIS Act s52B(f) and SIS Reg 4.09. Reg 4.09 Operating standard – investment strategy (2) The trustee of the entity must formulate, review regularly and give effect to an investment strategy that has regard to the whole of the circumstances of the entity including, but not […]
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SMSF Collectable Rules
Background Before introduction of the new SMSF collectable rules, regulations for collectables within SMSF was broadly contained in section 62 Sole Purpose Test and financial assistance in section 65 . It is worth mentioning because section 62 and 65 are still the reference point for transitional arrangements. Collectables and personal use assets have been in the spotlight since […]
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