Blog
New ‘Bring Forward’ rules 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’
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
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...
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