Recently, the ATO published a speech delivered by the ATO Deputy Commissioner Superannuation, James O’Halloran, in an address to the CPA SMSF conference. The Deputy Commissioner discussed the Superannuation reforms and noted particular interest from the general public in relation to the proposed $500,000 lifetime cap for non-concessional contributions [...]
Early in August, the ATO Assistant Commissioner Kasey Macfarlane again raised the issue of auditor independence. In particular the issue of reciprocal auditors - the situation where 2 auditors with their own funds agreed to audit each other’s SMSFs, or where 2 partner firms have ‘Chinese walls’. In our [...]
Investments in related unit trusts are a popular investment vehicle for many SMSFs. Often the focus of these investments is ensuring that the unit trust investment complies with a host of legislative requirements in the SIS Act such as: the in-house asset rules, sole purpose test and ensuring all [...]