With the announcement and legislation of the Simplified Superannuation measures we have seen a large increase in the number of Self Managed Superannuation Funds (SMSFs) being established. Therefore it is no surprise the ATO will be increasing the number of compliance audits it is performing.
This paper:
- examines the areas of focus by the ATO
- discusses the common mistakes often made by trustees of SMSFs and how to avoid these mistakes
- discusses the documentation required by the trustees of SMSFs
- examines the ATO's view on auditor independence issues for accounting and taxation practices
- highlights newly released tax law and rulings to assist trustees of SMSFs with their applications.