SMSF auditor, Chris Levy, outlines the major ‘bugbears’ with stricter valuation requirements, prompting some difficult conversations - particularly where the SMSF holds commercial property or more unusual investments.
With additional requirements and delays in work being sent to auditors, it’s expected that there will be a “tsunami of work” hitting SMSF professionals and auditors in the weeks leading up to the SMSF lodgement deadline.
While the SMSF industry has gone through outbreaks of COVID several times before and now has better IT infrastructure and processes in place, the latest wave of COVID is having a substantial impact on SMSF audits and the profession generally.
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.
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.
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.
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...
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.
