SMSF Audit: The Grey Areas

The tools to identify and manage SMSF audit issues even if there is no definitive interpretation

 

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Recording Individual    
SMSF Audit - The Grey Areas

Management letter issue, reportable breach, or both?
Auditor judgement when there is no definitive legislative interpretation
Managing consistency between funds and regulator requirements

 

Have you ever questioned whether an SMSF issue identified during the audit process is in fact a breach? Is it reportable to the regulator or is it simply a management letter issue? Do you need to qualify your audit report?
 
The auditing process for an SMSF requires auditor judgement and interpretation but in practice, complexities arise. Consistency between funds is essential. Consistency with what the regulator requires is essential. 
 
This webinar explores the common issues faced by SMSF auditors even where there may or may not be a definitive legislative interpretation. It provides the required references and tools to not only identify the issues but correctly manage the reporting or rectification requirements.

 

Who should attend?

A must attend for any accountant, auditor, or advisor working with SMSFs. 

 

 

Recording Individual    Recording Office 

 

 

Recorded 22 November 2018

 

The tools to identify and manage SMSF audit issues
even if there is no definitive interpretation

What we cover

  • SMSF collectables and personal use assets – the insurance requirements and lack of ATO guidance
  • Related party lending to SMSFs and applying the ATO safe harbour provisions – do you really have to?
  • SIS section 66 and acquiring assets from related parties, with a particular focus on in-house assets. Can these assets be acquired? What if the asset doesn't fit with the exceptions under section 66(2A)?
  • The SIS rules around temporary borrowings. When this exception can be applied and more importantly, when it cannot.
  • Insurance over SMSF property – is it even required?
  • SIS 82 vs 83: When SMSF trustees MUST sell their assets. When in-house asset breaches really need to be reported.
  • What a pre-11 August 1999 unit trust can really do. Are you looking at these trusts the right way? Is your interpretation in line with ATO expectations?
  • Separation of fund assets where the asset is held in the wrong name but may still be held separately. What does the legislation state and what does the ATO require?

Our Presenter

Garth McNally

National Training & Education Director, Merit Wealth
GarthMcNallyProfileR.png
Garth has a wealth of knowledge and practical experience in superannuation. He is adept in the compliance requirements for practitioners, the technical requirements of the laws and regulations, and the very real impact on clients.
 
Often referred to as the ‘super man’, Garth is a recognised and in-demand presenter in the field. He is a specialist member of the SMSF Association and a regular writer and speaker on superannuation issues and strategies for the leading professional bodies and the Easton Investments group of companies - Knowledge Shop, Merit Wealth, and GPS Wealth.
 
Garth is an Authorised Representative (No.237620) of Merit Wealth Pty Ltd.

 

Register

 

Individuals

$195 Member
$235 Non-member

 

 

Office

$350 Member*
$390 Non-member

 

*The office rate applies per office location (maximum 10 participants per office location). The PD points for all attendees will be recognised - multiple links at same location if required. We will contact you for the names of your team once you have registered as an office.

 

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