Articles
The latest financial auditing, compliance, reporting and
SMSF news, information, and resources
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...
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...
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...
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...
The do’s and don’ts of the Downsizer Contribution
The downsizer contribution allows individuals, who may be prevented from making superannuation contributions due to their age, work status, contributions caps or their total superannuation balance, the ability to make superannuation contributions...
Trust account reporting legislation
Various industries within Australia hold or receive money on behalf of others. The entities operating within these industries, are required to open and manage a separate trust/client bank account under the relevant legislation, based on their...
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