Self Managed Super Funds

Self-managed superannuation fund independent auditor’s report 30 June 2017

You should use this report if you:

  • are an approved self-managed super fund (SMSF) auditor
  • have been appointed by a trustee of an SMSF to give a report on the operation of that fund for an income year.

An approved SMSF auditor is an auditor who is registered with the Australian Securities & Investments Commission (ASIC). ASIC issues each approved SMSF auditor with an SMSF auditor number (SAN). You must include your SAN when completing this report.

Next step:

The report available at the link above is effective for reporting periods starting on or after 1 July 2016. You may use this report for audits completed for earlier periods. However, you must take care to comply with the auditing standards and legislation that applied to that earlier period.

This report will only be reissued when changes are made.

Independence

SMSF auditors must comply with prescribed independence requirements as set out in the Accounting Professional and Ethical Standards Board’s pronouncement, APES 110 Code of Ethics for Professional Accountants.

Some threats to independence can only be eliminated or reduced to an acceptable level by declining or removing yourself from the audit engagement – this includes an engagement to audit the fund where you:

  • are a trustee or director of a corporate trustee or a member of the fund
  • are a relative or close associate of a trustee or director of a corporate trustee or a member of the fund
  • have prepared the accounts and the statements for the fund being audited (if you are a sole practitioner, this includes instances where an employee has prepared the accounts and statements)
  • provide advice (such as financial or investment) to the fund being audited.

The audit report now includes a specific commitment that the auditor has complied with auditor independence requirements prescribed by the Superannuation Industry (Supervision) Regulations 1994 (SISR).

Further guidance on auditor independence and adherence to APES 110 is available in the Joint Accounting Bodies publication Independence Guide as well as in the Auditing and Assurance Standards Board (AUASB) Guidance Statement GS 009 Auditing Self-Managed Superannuation Funds on their website auasb.gov.auExternal Link

Last modified: 26 Jun 2017QC 17604

 

 

For more details click on following ATO link:

 

https://www.ato.gov.au/Forms/SMSF-independent-auditor-s-report/

 

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Maintaining a healthy SMSF sector – Improving the quality of advice

 

Maintaining a healthy SMSF sector – Improving the quality of advice

ASIC today released Report 337 SMSFs: Improving the quality of advice given to investors (REP 337). The report summarises the findings from the first major project undertaken by ASIC’s Self-managed superannuation fund (SMSF) taskforce.

Key points:

  • ASIC has reviewed over 100 pieces of SMSF advice provided to investors
  • Although the majority of advice was adequate, ASIC found pockets of poor advice
  • ASIC’s report contains a number of practical tips advisors can use to improve the quality of SMSF advice

Self-managed super funds represent the fastest growing superannuation sector in Australia, with $439 billion assets held by funds.

ASIC Commissioner Peter Kell said ‘ASIC has ramped up its attention on a sector that is of growing importance to more Australian investors. We want to help ensure that we have a healthy SMSF sector.’

‘The decision to establish an SMSF is one of the most significant steps an investor can take in relation to their retirement savings. It involves taking greater personal responsibility for retirement investments. ASIC therefore wants to make sure those investors can be confident they can obtain good quality advice through gatekeepers such as accountants and financial planners,’ Commissioner Kell said.

‘At the very least, investors need to understand the time, resources, compliance obligations and risks associated with do-it-yourself superannuation, before moving their superannuation savings out of an APRA-regulated environment,’ he said.

 

To read more click here for ASIC web link

 

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SMSF Auditor Registration

 

On 23 June 2012 the Australian Government announced the details of the self managed superannuation funds (SMSF)  auditor registration requirements.

From 31 January 2013, auditors of SMSFs will be able to apply for registration with the Australian Securities and Investments Commission (ASIC). All auditors must then be registered with ASIC by 1 July 2013 to continue auditing SMSFs after this time.

Auditors will be subject to a $100 registration fee and a $50 fee when submitting their annual statement to confirm details of their registration.

For more information visit Treasury website here

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Self Managed Superannuation Funds Collectables

SMSF—investment in collectables and personal use assets.

The regulations may prescribe rules in relation to the trustees of regulated superannuation funds that are self managed superannuation funds making, holding and realising investments involving:

  • (a) collectables (within the meaning of the Income Tax Assessment Act 1997); or
  • (b) personal use assets (within the meaning of that Act).

To Read More Click Link Below

EXPOSURE DRAFT – SMSF INVESTMENT IN COLLECTABLES AND PERSONAL USE ASSETS

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Audit Fee Quote

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SMSF AUDIT
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SPAA Specialist Auditor

SPAA Specialist Auditor

Shiv Parihar is a SMSFA accredited SMSF Specialist Auditor™. He provides SMSF auditing services independently, conflict free and in accordance with professional audit standards.

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