Super Snippets February 2022

Send your audits to us ASAP to avoid the May rush

Our audit team is again in full swing and is finally transitioning back to the office. Flexible and remote working will forever be in our DNA but the opportunity to work more closely with our colleagues is something we are all looking forward to with excitement.

Despite receiving record numbers of audits so far, we currently still have capacity for more work. The number of audits received thus far is slightly behind our projected numbers with COVID fatigue and the evidence required to support asset valuations appearing to be the main culprits. This means there is a significant amount of work still to come and, with only two and a half months until the 15 May lodgment deadline, we request that you send us the jobs for audit at your earliest convenience.

BEWARE Investment scams

Losing money in one's retirement can be devasting both financially and emotionally. Unfortunately, we have seen a few SMSFs fall victim to investment scams lately. This highlights the need for trustees to be increasingly vigilant as scammers become more sophisticated, to avoid situations such as the following:

A trustee is befriended through social media and convinced to contribute money for a joint investment. 
A trustee is emailed directly with a 'great investment offer' with the person with whom they are communicating being able to quickly gain their trust. A professional 'pop-up' website for the business is used to give comfort to the trustee.

Of course, trustees also need to be aware; even people they know well may not always have pure intentions. It is very possible to be scammed by someone you trust implicitly, just as Melissa Caddick appears to have alleged done to her SMSF clients. Let's all assist our clients so that no one endures the effects of being scammed.
 
» Investment scams - Moneysmart.gov.au

If you have any questions about our audit requirements, please do not hesitate to contact the team at Baumgartner Super.