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Articles by Aquila Super
Aquila Super - SMSF Adviser’s 2023 SMSF Audit Provider of the Yea
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SuperStream - a not-so-happy birthday
Rather than the bright and bubbly one-year-old that its ATO parents were no doubt hoping for, this enfant terrible has instead shown itself to be the type of toddler that regularly draws on the walls, attacks the cat and urinates all over the floor.
Lessons learnt from litigations
If “you play lousy games, you win lousy prizes”. And having a multimillion-dollar Notice of Claim land in your firm’s letterbox from a long-forgotten SMSF client is the lousiest of prizes. After many decades grappling with SMSFs, someone, somewhere within the legal fraternity, decided a few years ago that I might actually be an “expert” and therefore of possible use as an SMSF expert witness.
The (many) cases of the overly lenient landlord
While many of the scenarios I have previously written about are somewhat unusual and rarely cross the desk of your average adviser, the issues that I cover in this article will, unfortunately, be far more familiar: issues relating to business property held in an SMSF that is leased to a related-party business. Such scenarios are quite common, and the rules are well known for the most part.
Top tips for a smooth SMSF independence transition
We’re now at the pointy end of the compliance deadline, though we expect a substantial proportion of the accounting industry will be not SMSF independence ready and are heavily relying on the expectation and good nature of the ATO to indefinitely extend deadlines. Conversely, the ATO is providing consistent signals that it is becoming less tolerant. To recap for those firms still yet to become SMSF independence ready, there are three main options.
A tale from the audit crypt: The case of the errant duck
I have previously written in other articles of the dangers of complicated transactions involving SMSFs: dangers that typically arise due to a lack of knowledge relating to specific sections of the SIS Act or how the regulator is now interpreting them. More broadly, however, is the ever-present danger of ensuring that all relevant sections of the superannuation law are covered off, ensuring that “all the ducks are lined up”, so to speak.
Top 10 tips to becoming SMSF independence compliant in anticipation of imminent legislative change
The million-dollar question for most accounting firms right now is: Should our firm stay in, or exit, the SMSF auditing space? Deciding whether to continue or cease offering SMSF audit services is arguably the biggest question accounting firms need to consider to meet the upcoming SMSF independence compliance changes.
The revenge of the restructured unit trust
An inevitable part of being a professional in the SMSF space is that occasionally trustees will seek to venture away from the calm and unexciting waters of listed shares and term deposits and wade into the dangerous waters of semi-related unit trusts.
Accountants urged to conduct due diligence analysis to minimise APES110 disruption
Firms are urged to “grab the bull by the horns” and proactively adopt new SMSF independence measures. Many accounting firms are still dragging their heels despite the rapidly approaching deadline for SMSF audit independence changes. Our advice is to “grab the bull by the horns” and move through the discomfort now, to minimise disruption to both your firm and your clients. This is typically met with comments such as “I have no idea where to start”.
The arm’s length test
Is there a legal requirement to have a commercial lease in place with unrelated tenants? While the SIS Act does not expressly require a commercial lease agreement to be in place for directly held property, that is not the end of the story. There are certain trustee obligations and SIS Act rules that imply that a written commercial lease is needed to satisfy SMSF compliance requirements. You may have heard of the arm’s length test contained within section 109 of the SIS Act.
The 6 stages of APES110 emotional upheaval
How to determine where your firm is in the ‘APES110 acceptance cycle’ and minimise disruption. There is a growing realisation within the industry that a substantial number of accounting and administration firms will be impacted by the new Independence Guide issued under APES110. As January rapidly draws to an end, affected firms are increasingly viewing the months leading up to the hard deadline of 30 June 2021 with deep concern and a looming sense of dread.
Limited lifespan left for Chinese wall SMSF audits
Firms have been urged to proactively adopt new SMSF independence measures to avoid expected bottlenecks. The SMSF auditor changes outlined in the APES110 Code of Ethics and the corresponding Independence Guide will have far-reaching effects to the accounting profession. However, the more negative impacts and level of disruption arising from the changes are expected to materially heighten for practices that postpone their operational adjustments.
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