THE BIG ISSUES EMERGING FOR SMSF AUDITS
Aquila Super partner Chris Levy discusses the impact of the latest COVID outbreak on audit processes and delves into some lingering SMSF audit issues.
‘PERFECT STORM’ OF UPHEAVAL TO START DRIVING SECTOR-WIDE CHANGES FOR SMSFS
With the ATO ramping up its regulation on SMSF auditors, SMSFs will need to navigate continuous upheaval across the practice area as the industry begins to adapt to the new changes in the coming years.
UNPACKING SMSF UPHEAVAL
SMSF auditors and accountants have been hit by the “perfect storm” with changes in ATO requirements, new legislation, fee pressures etc, driving significant sector change.
Listen to Aquila Super partner and SMSF expert for litigious matters, Chris Levy unpacks some of the main developments.
Lessons learnt from litigations
If “you play lousy games, you win lousy prizes”. And having a multimillion-dollar Notice of Claim land in your firm’s letterbox from a long-forgotten SMSF client is the lousiest of prizes.
How your SMSF Accountant improves your return each year
2CC RADIO INTERVIEW.
Hear Aquila Super partner, Chris Levy, talk through all things super with Leon Delaney and Luke Smith at 2CC radio. Listen to the interview…
The (many) cases of the overly lenient landlord
In recent times the ATO has significantly increased its focus on any and all related-party dealings with SMSFs, including those involving related-party tenants. As a result accountants and SMSF auditors are increasingly applying additional scrutiny.
Top tips for a smooth SMSF independence transition
We’re now at the pointy end of the compliance deadline, though we expect a substantial proportion of the accounting industry will be not SMSF independence ready and are heavily relying on the expectation and good nature of the ATO to indefinitely extend deadlines. Conversely, the ATO is providing consistent signals that it is becoming less tolerant.
A tale from the audit crypt: The case of the errant duck
I have previously written in other articles of the dangers of complicated transactions involving SMSFs: dangers that typically arise due to a lack of knowledge relating to specific sections of the SIS Act or how the regulator is now interpreting them.
Top 10 tips to becoming SMSF independence compliant in anticipation of imminent legislative change
The million-dollar question for most accounting firms right now is: Should our firm stay in, or exit, the SMSF auditing space?
