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.
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.
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.
An inevitable part of being a professional in the SMSF space is that, occasionally, trustees will seek to venture away from the calm and unexciting waters of listed shares and term deposits and wade into the dangerous waters of semi-related unit trusts.