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Compliance Landscape to Change with the Introduction of Div296
With the Federal Government’s changes to superannuation all but certain, including the taxation of unrealised gains, self-managed super funds (SMSF) should start preparing for a shift in the compliance environment, particularly around the reporting...
What Trustees Need to Know About the Changed Compliance Landscape
With the introduction of Division 296 all but certain, SMSF Trustees should prepare for a shift in the compliance environment, particularly around the reporting and valuation of fund assets. While Division 296 will target superannuation earnings on...
Why Annual Asset Valuation is More Important Than Ever
As the end of financial year approaches, it’s timely to remind self-managed superannuation Trustees of their compliance obligations, and in particular the need to ensure assets are valued correctly. While this is regular practice, given that the...
Why the Federal Government’s Plan to Double the Superannuation Tax Rate is Inequitable and Unsustainable
Despite the Federal Government claiming changes to superannuation will make the system ‘more sustainable and fairer’, closer examination of the draft legislation reveals the measures are actually inequitable and unsustainable in the long term. At a...
Why Your Auditor Should Be Insisting Self-Managed Super Funds Have a Written Lease Agreement
As an auditor, I am passionate about the need for simplicity and reducing red tape where possible, and yet when it comes to lease agreements, I believe it should be best practice for auditors to insist upon a written agreement for transactions with...
More Than Just Compliance – How Representation Letters Can Help Trustees Avoid Complacency
On the back of recent amendments to the Superannuation Industry (Supervision) Act allowing a change in financial statement signatory requirements, questions are being asked about whether audit documentation should also be subject to those changes....
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