Appoint an SMSF auditor You must appoint an approved SMSF auditor to audit your fund each year, not later than 45 days before you need to lodge your SMSF annual return. The auditor examines your fund’s financial statements and assesses your fund’s compliance with super law. Watch: https://publish.viostream.com/embed/player?video=bd1bdiub8cjgsj&width=640&height=360 Your SMSF auditor must be: An audit is […]

SPR 2020/D1 determination under paragraph 71(1) (f) for the consultation. ATO has issued SPR 2020/D1 determination under paragraph 71(1) (f) for the consultation. I have been in discussions with the ATO for some time now and very glad to see this determination now open for comments This determination is the Superannuation Industry (Supervision) In-house Asset […]

Report SMSF contraventions even if an audit engagement is terminated If an approved self-managed super fund (SMSF) auditor forms the view that a contravention of the Superannuation Industry (Supervision) Act 1993 (SISA) and/or the accompanying regulations has occurred, may be occurring or may occur, during the course of conducting an audit, section 129 of the […]

Non-arm’s length income ow non-arm’s length income is taxed at the highest marginal rate. On this page Income tax purposes For income tax purposes, self-managed super funds (SMSFs) and parties to any scheme should deal with each other on an arm’s-length basis to avoid any application of the non-arm’s length income (NALI) provisions. There may […]