Regulation 8.02B is now reportable
Regulation 8.02B of the Superannuation Industry (Supervision) Regulations 1994 (SISR) requires the assets of a fund to be reported at their market value in the Statement of Financial Position.
Recently, the Australian Taxation Office have updated their document, Completing the Auditor/actuary contravention report (NAT 11299) and now list Regulation 8.02B as a reportable regulation. This means that should the auditor identify a breach of this regulation and that breach meets one of the seven reporting criteria, the auditor needs to report it to the Australian Taxation Office.
Therefore to avoid an Auditor contravention report being lodged with the Australian Taxation Office, trustees and their advisors should ensure that evidence to support the market value of a fund’s assets is provided to the auditor at the time of the audit.
Author
David Burrows
Director
David's wealth of business experience and a clear vision for the future has enabled Baumgartner Super to establish itself as a market leader.
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