In recent years the ATO has developed a list of breaches and contraventions that they find constantly taking place within many self managed superannuation funds. These breaches and contraventions are bought about in many cases by Trustees who are not up to date with the operating of their SMSF. When it comes to the audit…

Where a member directs how their superannuation death benefits are to be paid after their death it is called a binding death nomination. It is a written direction to the trustee to pay the member’s superannuation benefits to certain dependents or LPR in proportions set out upon their death. The normal valid period for a…

One of the most common questions we as auditors get is “why should I get you to audit my superannuation fund?” Initially we respond we respond with that we are trained professionals who are registered with ASIC and have broad knowledge when it comes to the administration and operating a fund. We are required to…

Where a member directs how their superannuation death benefits are to be paid after their death it is called a binding death nomination. It is a written direction to the trustee to pay the member’s superannuation benefits to certain dependents or LPR in proportions set out upon their death. The normal valid period for a…

Recently, it has come to our attention that there are several education promoters offering courses to be held in overseas locations such as Aspen, Phuket, Bali etc. The issue at hand, can the trustee attend such a course, have a holiday at the same time as being educated about running their SMSF, then charge the…

So what is that the ATO will be focusing on when it comes to the audit of superannuation funds for the 2013 year? As you would expect and rightly so, lets go straight to the SMSF trustee. The ATO will be reviewing to ensure that SMSF trustee understands their obligations and the fund has been…

As an auditor, an area of concern is when should I lodge a contravention report and could I be regarded as an auditor who under reports or over reports. In the process of this how do you eliminate human error and strike the right balance for your SMSF client. At SMSF Super Auditors our approach…

Effective 31 January 2013 the law in relation to the minimum standard of independence and competency across the SMSF sector for SMSF Auditors was amended (S.35C and regulation 8.03). From this date persons cannot audit an SMSF unless they qualify as an “approved SMSF auditor” (subject to transitional rules). This new regime was introduced under…

As part of recent legislation changes as part of the investment strategy trustees / members are required to consider the holding of life insurance on behalf of members within the fund. There several advantages that may considered prior to undertaking this action. Even if you pay excess contributions tax, the benefits of the proceeds within…

Now that legislation requires trustees / members to consider the holding of life insurance on behalf of members within the fund, what are the disadvantages. The fund deed must allow the process and various different administrative aspects. There are no restrictions who can receive death benefits from a self managed superannuation fund. More documentation is…