smsf auditor

SMSF independent auditor’s report 2011

The Self-managed superannuation fund independent auditor’s report (NAT 11466, RTF 345KB) are instructions and a form that you should use if you:

–          are an approved auditor, and

–          have been appointed by a trustee of self managed superannuation (SMSF) to give a report on the operation of that fund for each income year.

This report applies from 1 July 2011. For an annual audit, this means for audit periods commencing on or after 1 July 2010. 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 period.

There are two new regulations included in the 2011 audit report that Auditor must now sign off . Regulation 1.06(9A) (which requires the minimum pension to be paid at least annually) and reglulation 5.03 (which requiest investment earnings to be allocated to members on a fair and reasonable basis.

Setting up SMSF Investment Strategy

The trustees of an SMSF are required to prepare and implement an investment strategy for the superannuation fund. The strategy must reflect the purpose and circumstances of the fund and take into account:

  • How to maximise member returns while having regard to the risk
  • Appropriate diversification in a long term investment strategy; and
  • The ability of the fund to pay benefits as members reach retirement, and other costs incurred by the superannuation fund.

Trustees must make sure all investment decisions are made in accordance with the documented investment strategy of the fund and should seek investment advice or appoint an investment manager in writing if in any doubt.

To Read More Click Link Below

Setting up SMSF Investment Strategy

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

Audit Fee Quote

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Toll-Free: 1300 661 069
Phone: 03 9098 8658
Fax: 03 9746 6330

Melbourne
Level 40 140 William Street
Melbourne, VIC 3000

Postal Address:
PO Box 2050
Melton South VIC 3338

SMSF AUDIT
CPA-Public-Practice

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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