The top five SMSF audit issues this year
SMSF specialist auditors Shirley Schaefer and Chris Levy delve into the five biggest issues for SMSF audits at the moment and offer up some practical tips.
In this episode, BDO partner, superannuation, Shirley Schaefer and Aquila Super partner Chris Levy discuss some of the hurdles with valuations following the ATO’s heightened guidelines — particularly where assets such as business property and unlisted trusts and companies are involved.
Shirley and Chris explain what evidence auditors and the ATO expect to see, as well as how SMSF professionals can ensure a smoother process.
They also discuss some of the ongoing problems with the SuperStream system and how this is likely to impact SMSF trustees at audit time.
With the ATO applying a stricter approach with the sole purpose test, they also explain why some SMSFs may need to review their related property leases.
They also outline some of the risks emerging from the recent shift in the economy and what this means for SMSF audits.