News

Auditing

Sole purpose test breaches overused

sole purpose test breach

A breach of the sole purpose test is being used too often as the justification for lodging an auditor contravention report.

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Investments

Highlight non-investment risks in SMSFs

non-investment risks SMSFs

SMSF trustees must be advised risks there are non-investment risks within their fund and its administration can also create compliance risks.

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Superannuation

New bill to strengthen rights to super

bill right to superannuation

A new bill will give employees not covered by an award or enterprise agreement the right to claim unpaid superannuation contributions.

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BDBNs

Detailed BDBN document search key

BDBN documents search

Attempts to locate binding death benefit documents must go beyond a superficial search for them if trustees are to satisfy their legal obligations.

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Superannuation

IFPA rejects govt’s super objective

IFPA superannuation objective

IFPA has refused to support the objective of superannuation currently proposed by the government in its consultation paper on the subject.

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Auditing

Auditors will red-flag loans lacking evidence

auditors loans evidence

SMSFs with loans that lack evidence of how they can be recovered are likely to be red-flagged by auditors seeking to protect themselves from legal action.

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ATO, Documentation

ATO disclosure forms updated

ATO voluntary disclosure

The ATO will now require trustees to sign off on voluntary disclosure forms when reporting unrectified regulatory contraventions.

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Strategy

ATO rules out strategy wording

ATO investment strategy wording

While demand for specific SMSF investment strategy wording from the ATO is high, trustees will not receive this type of regulatory assistance.

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Downsizer

TSB tax may create downsizer caution

TSB tax downsizer

The use of downsizer contributions that increase a TSB will need to be considered in light of the proposed earnings tax based on that figure.

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Auditing

New service for aspiring auditors

SMSFAAA membership

Practitioners working towards an audit qualification will now have a tier of SMSFAAA membership tailored for their situation.

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