In SMSF audit, one of the most important questions is also one of the easiest to underestimate: is the person controlling the fund legally allowed to do so? When auditors check whether a trustee is disqualified, the ATO’s Disqualified Trustees Register is often the...
Australia’s superannuation system may have breathed a sigh of relief after the Federal Government opted to walk back elements of its Division 296 superannuation policy, but the revised version remains deeply flawed and still risks undermining the retirement system....
If you’re familiar with Private or Public Ancillary Funds (PAFs and PuAFs respectively), it’s likely you’re well versed in what this kind of structure is, and why it exists. But are you as familiar with the compliance obligations? In simple terms, PAFs and PuAFs are...
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 simple level, plans...
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...
Self-managed super funds (‘SMSFs’) are entitled to tax concessions on their investment income but only if they comply with the Superannuation Industry (Supervision) Legislation. This includes being audited each year by a registered SMSF auditor. Under the Guidance...
