Work Test Exemption Explained

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...
Independence of a SMSF Auditor – Don’t Risk It!

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

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...
Why are signed documents so important?

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...
Ben Willington speaks at SMSF Association Meeting

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...