Blog
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, staff for...
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
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...
Can an SMSF borrow money to pay superannuation benefits?
Trustees of a Self-Managed Superannuation Fund (SMSF) are prohibited from borrowing or maintaining an existing borrowing of money under subsection 67(1) of Superannuation Industry (Supervision) Act 1993 (SISA) except in very limited circumstances as listed under...
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