Super Snippets June 2022
Property Valuations
The biggest source of frustration in the trustee/auditor relationship over the last 12 months has been the ATO's updated guidelines in relation to the level of evidence they consider necessary to support property valuations used in the 30 June financial statements.
The ATO is aware of the issues this change has caused and has consulted with industry representatives about it.
The ATO has not yet updated their valuation guidelines since the consultation but we are hopeful there may be a softening of their requirements. Should the ATO change their guidance, Baumgartner Super will promptly revisit our guidelines and communicate any changes to you.
SuperStream
A reminder that SMSF auditors are required to check trustees' compliance with the SuperStream rollover requirements which have been mandatory for SMSFs from 1 October 2021. The ATO has made it clear that SMSF auditors who find trustees who have not complied with the requirements of SuperStream must qualify their audit and lodge an ACR if the reporting criteria have been met.
If you have any questions about our audit requirements in relation to SuperStream, please do not hesitate to contact the team at Baumgartner Super.
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.
Recent articles by David
-
TBAR and pensions – what auditors are required to check
The ATO has observed a high level of re-reporting of events covered under the Transfer Balance Account Reporting system and this concerns them as the amended reporting has resulted in 39% of the commutation authorities they have issued being revoked.
-
An auditor’s perspective on the new superannuation legislation
Sometimes I count myself lucky that as an auditor I am not at the forefront of providing advice to SMSF trustees. I am therefore fortunate that I don't have to immediately be across the biggest changes our industry has seen since 2007
-
Investment strategies Part 1 - The “Musts” and the “Shoulds” of the ATO’s guidance
The main focus for us, and for the majority of our clients, is ensuring an investment strategy passes the audit. Here we analyse the guidelines with a particular focus on the ATO's use of the words 'must', 'should', and 'could'.