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.
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