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. Specifically, some...
An auditing expert has taken to the ‘young-people’s medium’ – TikTok – in a bid to educate the younger generation about the Federal Government’s planned changes to Australia’s superannuation system. Naz Randeria isn’t looking to become an influencer, but rather the...
It goes without saying that assets held by a Self-Managed Superannuation Fund need to be correctly valued and insured, but too many Trustees are not aware that failing to have an insurance policy over an asset held by the SMSF could cost them dearly in the case of an...
The recent decision by the Albanese Government to double the concessional tax rate on superannuation balances of more than $3 million has highlighted an underlying issue with superannuation more generally – the disconnect between Australians and the money in their...
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 industry. In order to...
The Australian Accounting Standards Board made Accounting Standard AASB 110 Events after the Reporting Period to outline the treatment for events that occur after reporting period. These events can be described as those events, favourable or unfavourable, that occur...
