It has been a requirement for a SMSF to prepare financial statements with fund assets to their market value in accordance with SIS Regulation 8.02B since 1 July 2012. Prior to this regulation taking effect, unless the fund was paying a pension or held in-house assets, trustees could provide a valuation for fund assets every…
In conjunction with SMSF Adviser, CEO of Smarter SMSF – Aaron Dunn co-hosts the new fortnightly SMSF Adviser Show with editor, Miranda Brownlee to take a look at what is making news and driving discussion across the SMSF sector. Episode #1 – Auditor Independence In this episode, Aaron and Miranda are joined by ATO…
The recent release of Law Companion Ruling, LCR 2019/D3 provided some important feedback regarding arrangements where trustees of a SMSF may be acting within an individual capacity and have non-arm’s length expenditure that will have a sufficient nexus with income derived by the fund for the non-arm’s length income (NALI) provisions to apply. Where the…
The 2019 SMSF Annual Return (SAR) sees a few changes impacted by legislative reforms, along with the ability to capture further information for the Regulator about various fund investments. In this blog post, we explore what these changes are, the reasons behind them and what you need to know. Part A Qualification The biggest…
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…
