New Bring Forward Rules from 1 July 2021 in a Nutshell

New Bring Forward Rules from 1 July 2021 in a Nutshell

With effect from 1 July 2020, if you are under 67 years of age at any time in a financial year, you may be able to make a non-concessional contribution up to three times the annual non-concessional contribution cap in that financial year depending on your Total...
Don’t say ‘yes’

Don’t say ‘yes’

Auditing Standard ASA 510 requires that the auditor shall obtain sufficient and appropriate audit evidence about whether the opening balances in the financial statements of a SMSF contain misstatements that could materially affect the current period’s financial report...
Announcement re SMSF Audit Independence

Announcement re SMSF Audit Independence

Significant changes have been introduced by the (APESB) about the limitation of services an SMSF Auditor can provide. The APES 110 guide states that “An SMSF Auditor cannot conduct an Audit on a set of Special Purpose Financial Statements where the auditor,...
Going concern basis of accounting

Going concern basis of accounting

Recent economic uncertainty raises questions around what responsibilities trustees and auditors have in relation to an SMSF’s ability to continue as a going concern. “Economic uncertainty” is a phrase we hear all too much lately due to most organisations and...
Clarity over classification of current and non-current liabilities

Clarity over classification of current and non-current liabilities

The objective of financial statements is to provide information about the financial position, financial performance and cash flows of an entity that is useful to a wide range of users in making economic decisions. AASB 101 Presentation of Financial Statements, sets...