Midsun Business Solutions Pty Ltd

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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.

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.

PUBLIC SERVANTS - Australian Budget 2015

Posted on 12 May, 2015 at 22:58 Comments comments (54)
Jobs are expected to go from federal departments as the government continues its plan to shrink the size of bureaucracy. A total of $244 million is forecast to be saved over the next four years through cuts to the education and health departments. The government will also axe 35 government bodies.

WELFARE REFORM - Australian Budget 2015

Posted on 12 May, 2015 at 22:56 Comments comments (239)
People who rort Australia’s welfare system are on notice. The government will return about $1.5 billion to the Budget’s bottom line over four years by increasing the capability of the Department of Human Services to detect, investigate and deter suspected welfare fraud and non-compliance. This will include $60 million for the department’s technology systems to help track down cheats.

FOREIGN WORKERS - Australian Budget 2015

Posted on 12 May, 2015 at 22:54 Comments comments (77)
Foreigners who’ve come to Australia on a working holiday visa will no longer enjoy the $18,000 tax-free threshold. From day one, every dollar they earn in Australia will be taxed.

PENSION REFORM - Australian Budget 2015

Posted on 12 May, 2015 at 22:52 Comments comments (30)
About 91,000 people will receive no payments and another 235,000 will be worse off, as the government tightens the assets test for the age pension. Pensioners with assets of more than $823,000 (excluding the family home) will no longer receive any pension payments. The threshold used to be $1.15 million.

PARENTS BENEFITS - Australian Budget 2015

Posted on 12 May, 2015 at 22:51 Comments comments (193)
As many as 80,000 expectant parents will be $11,500 worse off as the government stamps out paid parental leave “double dipping”. Stay-at-home parents whose household income is more than $65,000 will lose all childcare subsidies while expectant mothers will no longer be able to claim both the government’s paid parental leave scheme and an employer paid parental leave scheme.

FARMERS - Australian Budget 2015

Posted on 12 May, 2015 at 22:46 Comments comments (36)
Struggling farmers will be given $300 million for drought assistance. They will also enjoy tax breaks for spending on water facilities, fodder storage and new fencing.

MEDICAL SYSTEM - Australian Budget 2015

Posted on 12 May, 2015 at 22:45 Comments comments (20)
Australians who are unwell can expect generic medicines to drop in price under changes to the Pharmaceutical Benefits Scheme. Some over-the-counter medications will be dropped from the PBS completely, while $1.6 billion in new and expensive medicines will be funded for the first time. The Medical Research Future Fund will receive $400 million over the next four years.

INFRASTRUCTURE - Australian Budget 2015

Posted on 12 May, 2015 at 22:40 Comments comments (46)
Australia’s sparsely populated Top End is set for a massive injection of cash. A $5 billion fund will provide loans to private enterprise to build major projects such as rail lines, ports, electricity and pipe lines. There’s also $100 million to build better transport links for the cattle industry.