Auditor warning to verify market values of fund assets

AuditBy Aaron Dunn December 18, 2018 Leave a comment

Two recent cases involving SMSF auditors, Cam & Bear Pty Ltd v McGoldrick [2018] NSWCA 110 and Ryan Wealth Holdings Pty Ltd v. Baumgartner [2018] NSWSC 1502 have highlighted the obligation of SMSF auditors to verify asset values in the financial statements. Since 1 July 2012, regulation 8.02B of the Superannuation Industry Supervision Regulations 1994(SISR) has required SMSF…

LRBAs given a green light… for now

LRBABy Aaron Dunn December 18, 2018 Leave a comment

It was a recommendation from the Financial Systems Inquiry (FSI) to ban the use of limited recourse borrowing arrangements (LRBA) within superannuation that put the operation of section 67A in the firing line as a strategy for SMSFs. With an overheating housing market, problems with property spruikers and ‘one-stop’ shops promoting the use of…