SMSF consultancy Super Clarity has released the first in a series of information sheets addressing key issues and ongoing changes in the sector, as well as actions required of practitioners.
Super Clarity director Shelley Banton said the specialised SMSF technical information sheets were designed to support professionals as the regulatory landscape becomes more complex and fast-moving.
“All the Info Sheets will be completely free. They’re designed as professional resources to support SMSF advisers, auditors and accountants. They can be downloaded directly from the Learning Centre on the Super Clarity website,” Banton told selfmanagedsuper.
“Each Info Sheet will provide concise, evidence-based analysis, practical compliance guidance and clear explanations of emerging ATO positions, giving you the insights you need without the noise.
“New Info Sheets will be released regularly throughout the year, with updates issued whenever there are significant regulatory developments or changes in ATO guidance to ensure the content stays current.”
The first information sheet, released today, covers the topic of cryptocurrency and noted that where SMSFs hold cryptocurrency, auditors often uncover a number of recurring issues.
These include the ownership and separation of assets, market valuations, transaction records, investment strategy and risk, compliance with the sole purpose test and record-keeping for tax purposes.
The sheet also stated auditor red flags that should be avoided for SMSF members invested in cryptocurrency were missing or incomplete documentation, significant transfers to unknown wallets, irreconcilable balances between exchange, wallet and blockchain, and personal activity or unexplained losses.
Banton added upcoming topics will cover property and market valuation, Part A qualifications and audit risk, record-keeping and evidentiary standards, related-party transactions and the Division 296 tax
“I am also developing additional sheets based on emerging ATO positions and issues raised through audit reviews,” she said.
