Independence is fundamental to every audit. The independence of the SMSF auditor is crucial in the process of building trust, confidence and stability in the capital markets. The ATO has released new guidance on the APESB Independence Guide which further clarifies what firms need to do...
Temporary COVID-19 Relief | In-House Asset The ATO has responded to current market conditions, and has announced it will not take compliance action against SMSFs where: at 30 June 2020 the market value of an SMSF’s in-house assets is over 5% because of the downturn in...
Temporary COVID-19 Relief | LRBA Loan repayment We understand that temporary repayment relief can be offered in relation to an existing LRBA between an SMSF and a related party due to the financial effects of COVID-19. Ordinarily, not paying market interest rates in an SMSF is usually...
Temporary COVID-19 Relief | Providing Rental Reduction The ATO has confirmed that SMSFs can provide a temporary rent reduction to tenants, including a tenant who is a related party or related trust. Although the temporary rent reduction to a related party tenant less than market value is...
ASIC provided a media release on Friday 8 March 2019 outlining they had acted to disqualify, suspend or add conditions to the registration of a number of auditors of self-managed superannuation funds. The actions taken by ASIC resulted from concerns regarding audit quality, independence issues, failures...
Observations from SMSF Association conference 2019 Our team at Australian Independent Audit Services recently attended the 2019 SMSF Association Conference and noted the following takeaways that were discussed across a number of the sessions with relevance to the role of the SMSF auditor, administrator and accountant...