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Independent Audit Requirements For SMSFs

Posted on 7 October, 2020 at 5:31 Comments comments (93)
Embracing recent changes made to the independence guidelines (in APES 110 Code of Ethics) the ATO has adopted an uncompromising position that the one firm cannot prepare the financial statements and also undertake the SMSF audit unless the following applies: (a) the non-audit services provided by the firm are “routine or mechanical in nature”; and (b) the auditor is able to reduce the self-review threat to an acceptable level. In a simplistic interpretation of the ATO’s comments around “routine and mechanical”, it would seem an accountant cannot help the SMSF trustees prepare the financial statements in any capacity and audit them. The ATO is clearly indicating that tax professionals will now have to choose between auditing or preparing the financial statements.
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Thinking about self-managed super

Posted on 7 December, 2019 at 1:54 Comments comments (197)
If you set up a self-managed super fund (SMSF), you're in charge,  you make the investment decisions for the fund and you're held responsible for complying with the super and tax laws. It's a major financial decision and you need to have the time and skills to do it.

An SMSF must be run for the sole purpose of providing retirement benefits for the members or their dependants. Don't set up an SMSF to try to get early access to your super, or to buy a holiday home or artworks to decorate your house. These things are illegal.

It's best to see a qualified, licensed professional to help you decide.

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Self-managed super funds 20th anniversary

Posted on 5 December, 2019 at 0:52 Comments comments (153)
Since 1999, the sector has grown from around 200,000 SMSFs with $55 billion in assets to 600,000 SMSFs totalling $750 billion in assets. Today, SMSFs comprise nearly one third of Australia’s total $2.76 trillion retirement system.
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Wall St advances on temp shutdown deal

Posted on 27 January, 2019 at 21:19 Comments comments (105)
Write your poWall Street gained ground on Friday in a broad-based rally as investors were heartened by news that Washington would move to temporarily end the longest US government shutdown in history.
All three major US stock indexes advanced, with the Dow and the Nasdaq eking out their fifth straight weekly gains. But the S&P 500 posted its first weekly loss of the year, snapping a four-week run.st here.
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Australia's ANZ bank closes Singapore gold vault

Posted on 26 January, 2019 at 21:48 Comments comments (212)
Australia and New Zealand Banking Group Ltd (ANZ), whose gold bullion business is one of Asia's largest, said on Thursday it was closing its precious metals vault in Singapore.
The move follows the bank's sale last year of its stake in an exchange-traded fund backed by physical gold and sources say it is part of a scaling back of ANZ's precious metals business.
The bank opened the vault -- which could hold 50 tonnes of gold worth around $2 billion at current prices -- in 2013. That year, ANZ said it distributed close to 15 percent of the world's primary gold production.
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Huge oil shortage is coming

Posted on 11 November, 2018 at 0:20 Comments comments (79)
Global oil majors are increasingly looking to invest in lower-carbon areas of the energy sector, as they react to pressure for cleaner energy, both from government policy and investors.
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Forensic accounting

Posted on 2 November, 2018 at 5:28 Comments comments (93)
Forensic accounting, forensic accountancy or financial forensics is the specialty practice area of accounting that describes engagements that result from actual or anticipated disputes or litigation. Forensic accountants, also referred to as forensic auditors or investigative auditors, often have to give expert evidence at the eventual trial.
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Real Estate Agents Trust Accounts Auditing

Posted on 2 November, 2018 at 5:10 Comments comments (81)
Estate agents must lodge a copy of the audit report with Consumer Affairs Victoria within 10 business days of receiving it from the auditor. If you don't, you are committing an offence, which may result in a penalty of up to 120 penalty units. 
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Appoint an SMSF auditor

Posted on 2 November, 2018 at 5:04 Comments comments (103)
SMSF Trustess must appoint an approved SMSF auditor to audit your fund each year, not later than 45 days before you need to lodge your SMSF annual return. The auditor examines your fund's financial statements and assesses your fund's compliance with super law.
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Sydney home prices just fell

Posted on 2 November, 2018 at 4:33 Comments comments (207)
Australian home prices fell for a 13th consecutive month in October, driven by continued falls in Sydney and Melbourne, the largest and most expensive capital city markets.
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