I can do an audit from receipt to sign off in 2 days easily. Even one day at a pinch. But oftentimes, it’s usually a bit longer than that, maybe a week. The question is why. I came across this on LI (and via some SMSF specialist magazines I regularly read), and this is an…
We all like to paint the ATO as the bad guy. Detached from reality, unrealistic expectations, excessively strict interpretations of the law. As a result, SMSF auditors are often viewed as their lackeys. SMSF Auditors try to paint the ATO as the bad guys, because we are beholden to their interpretations. However, when it comes…
In the first article, we looked at the dictionary definitions of “formulate” and “give effect to”, as contained in SIS Reg 4.09. Now, we’ll look at why the ATO’s views will help fund members to achieve a better outcome. The issue I have with many off the shelf or FP prepared strategies, is that firstly…
In the first two articles, we considered risk to the trustees of others accessing the account and how the trustees formulating and giving effect to the strategy reduces this risk. We also considered why “considering a decision” isn’t the same as actually making and implementing it. Now, we will consider why this strict ATO interpretation…
17 years. That’s how long I’ve spent exclusively in Superannuation roles. Just long enough to see the changeover to Simpler Super and more than enough time to watch the train-wreck that is the Transfer Balance Cap. Interestingly, I’ve spent about 50/50 of that time switching between SMSF Accounting and SMSF Auditing roles, until getting my…