Blog
Work Test Exemption Explained
There have been some changes to the work test exemption from 1 July 2019. See below further information regarding these changes. The Work Test – What is it? The work test generally applies from a member's 65th birthday. To satisfy the test, a member must have been...
Independence of a SMSF Auditor – Don’t Risk It!
In the first half of the 2018/2019 financial year, the ATO referred 37 self-managed super funds auditors to ASIC for independence breaches. This operation was part of the ATO crackdown aimed at reviewing SMSF auditors in an attempt to unearth an intentional failure to...
The Importance of an Investment Strategy Update
What is an Investment Strategy? The investment strategy is not just a required document for a super fund audit, it guides the entire direction of the fund's investments. An SMSF trustee is required to document an investment strategy that has regard to the following:...
Why are signed documents so important?
We frequently receive queries from clients asking why the documents they have submitted for their audit must be signed. Often, we receive documents that are partially completed. For example, the document could be signed by the trustees but not dated and therefore...
All you need to know about the non-concessional contribution cap.
Non-concessional contributions are contributions that are made to super from after-tax income or savings. What are the non-concessional cap limits? As of July 1st 2017, the non-concessional contributions cap allows members to make personal after tax contributions of...
Ben Willington speaks at SMSF Association Meeting
Audit Your Superfund’s director Ben Willington recently spoke at a local SMSF Association meeting alongside Shirley Schaefer, Partner at BDO and Anthony Cullen from Superconcepts. Ben educated the attendees on investment strategies, outlining what is involved when the...
Work Test over 65 years (including managing investment property)
If you are aged 65 or over (but under the age of 75) you can make voluntary super contributions providing you have been gainfully…
Don’t risk a cheap or substandard audit
Recently, an Australian court ruled that the auditor of a self-managed super fund (SMSF) was liable for a client’s investment losses because…
ATO expecting Contribution errors in 2017/2018 Superannuation Funds Annual Return
Careful planning needs to be thought about to ensure members do not exceed their contribution caps. Some clients who have…
Finalist in Accountants Daily Australian Accounting Awards 2018
Ben Willington from Audit your Superfund has been shortlisted as a finalist to win Superannuation Auditor of the Year at the 2018…
The changing face of Australia’s super savers
How many of your clients are female SMSF trustees born after 1976? If ATO statistics are anything to go by the answer is probably…
3 SMSF compliance points the ATO will focus on in 2018
Following the July 1 super changes, the ATO will be paying particular attention to certain areas of compliance. When advising your…
Understanding the demographics for SMSF trustees
Picture a typical SMSF trustee. Who do you see? Everybody has their own idea of the typical Australian who wants to manage their own wealth…
Audit your Superfund wins twice at the SMSF and Accounting Awards
Audit your Superfund is proud to take home two prizes from this year’s inaugural SMSF and Accounting Awards. On October…
When can an SMSF lend to a member?
If you’re not monitoring your SMSF compliance, you may find yourself liable for a number of contraventions. Loans to…
Audit your Superfund and Ben Willington shortlisted for two prestigious industry awards
We are extremely please to announce that Audit your Superfund has been shortlisted as a finalist (SA SMSF Audit Firm of the Year) for…
Tips for when trustees want to wind up an SMSF
Why wind up an SMSF? Most of the time, because it’s no longer necessary. Trustees may have passed on, or there may no…
SMSF myths Australians need to be aware of
Complacency can lead to contravention. When trustees enlist your services to assist with a self-managed super fund or just…
A guide to buying property with an SMSF
Property just won’t stop. CoreLogic’s monthly indices to end of May 2017 show that across Sydney, Melbourne, Adelaide, Brisbane…
Dealing with the pension phase transfer balance cap
Your trustees will know about the SMSF transfer balance cap by now – but what can they do about it? As of July 1st 2017, funds in retirement…
Have your SMSFs breached the arms-length rule?
Ensuring SMSF compliance at all times is quite the job. For financial advisers and accountants, it means close scrutiny of the…
SMSF Auditing and Property Valuations: How does it work?
Property valuations are often a contentious issue for SMSF auditors. The auditor has a responsibility to confirm the assets of the fund are…
How will the upcoming changes to superannuation affect trustees of SMSFs?
Some trustees may be questioning if superannuation is the best place to hold their retirement nest egg. Whilst some of the tax benefits…
There are more SMSFs in Australia than pet reptiles (and other facts)
Look, we know talking about self-managed super funds in a relatable way is hard. The ATO tried it once – they wrote an entire BuzzFeed…
Independence is the foundation of a good SMSF audit
In recent years, both the ATO and ASIC have shone the spotlight on the independence of SMSF auditors in Australia. This scrutiny of SMSF…
What happens when an SMSF isn’t compliant?
As SMSF auditors, we review thousands of funds every year, many will be compliant. However, there are always some that don’t meet…
Don’t open that wine – it might breach SMSF compliance
It might be a Mona Lisa, or it might be a case of Grange. As of the 1st of July 2016 the transitional provisions for collectable and personal use…
2nd Annual Superannuation Essentials Conference
Ben Willington speaking at the 2nd Annual Superannuation Essentials Conference for legalwise seminars, The attendees were…
An excellent superannuation update in Adelaide
Our Adelaide clients recently attended a SMSF technical breakfast presented by Tim Miller from Miller Super Solutions. We received…
2016 Budget Notes
Tuesday May 3rd will not be looked upon fondly by many retirees, given the restriction on tax concessions for those with balances over…
Superannuation – access to benefits “Severe financial hardship”
There are restrictions to accessing superannuation benefits prior to reaching age 65.In some cases limited cashing restrictions are…
Congratulations!
Congratulations to James Song our audit supervisor on obtaining the SMSF Specialist Auditor designation from the SMSF Association. Well done James!
How to have a good SMSF audit Part 1
We have detailed below documents required to have an efficient and quick audit. Initial fund engagement An auditor needs to review the…
End of financial year tips for SMSF trustees
As the end of the financial year looms, now is a good time to review your Self-Managed Superannuation Fund (SMSF). Take the time now…
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