David began his career at Baumgartners in 1998 in a part-time capacity whilst still studying at university. Some 21 years later he has established himself as a leader in the provision of SMSF audit services as Director of Baumgartner Super.
Originally working as a member of the Baumgartners accounting business, David’s interest in SMSFs drove him to establish with David Baumgartner, a specialist SMSF unit. Since that time David has headed what is now known as Baumgartner Super, a business which currently employs a dedicated team of 20.
Baumgartner Super’s rapid expansion has created it a profile within the industry that has enabled David the opportunity to present on SMSF audits to members of both the Taxation Institute of Australia and the National Tax and Accountants’ Association across Australia. More specifically, as co-presenter of the NTAA’s Super Basics seminar series, David has prepared and delivered more than 20 seminars to thousands of accountants.
His expertise in the area was also recognized through his position on the Australian Taxation Office’s SCC Approved Auditors Working Group which played an important role assisting the ATO and ASIC with the approved SMSF auditor registration process and the ongoing regulation of auditors.
David enjoys working with fellow accounting professionals across Australia and assisting them with their superannuation compliance issues. Most of all, David loves leading the fantastic team at Baumgartner Super as they deliver a service to their clients of which he is very proud.
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Qualifications and memberships
- Bachelor of Commerce
- Associate of Chartered Accountants Australia and New Zealand
- CA SMSF Specialist
- Registered SMSF Auditor
- SMSF Association Specialist Auditor®
- Board Member, SMSF Auditors Association of Australia
Recent articles & stories
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SMSF’s – beware of being a lender of last resort
In order to bolster income in a low-interest environment, some Trustees of SMSFs are jeopardising their retirement savings by becoming “lenders of the last resort” by granting high interest loans to unrelated businesses.
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A pension must be a series of payments
As we approach the end of the financial year, trustees and advisers will be turning their attention to those SMSFs that are in pension phase to ensure they meet their minimum pension payments for the 2016 financial year.
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Valuation of property
By far the greatest number of enquiries I am currently receiving about SMSF audits for the year ending 30 June 2017 are in relation to the valuation of assets.
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BEWARE – trustee disqualification arising from the acquisition of an asset from a related party
Whilst the case of Merchant and Commissioner of Taxation [2021] AATA 915 before the AAT only concerned an application for adjournment of the disqualification decision, a couple of issues included in the decision are worth contemplating.
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Super Snippets June 2022
A reminder about evidence supporting property valuations and SuperStream compliance.
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Audit warning — ‘incorrect’ withdrawals
Read why all trustees should be extra vigilant about the circumstances surrounding any withdrawals from their SMSF's bank account.
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Announcement: David Burrows SMSF AAA Board appointment
Baumgartner Super Director, David Burrows, joins the Board of the SMSF Auditors Association of Australia (SMSF AAA).
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EOFY Planning for SMSFs
Given that 30 June falls on a Sunday this year, don't be caught off guard. To assist you in being organised, here's our checklist to ensure you're prepared.
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Good governance and SMSFs
With the word 'governance' used 14 times in the decision of Coronica and Commissioner of Taxation, we consider what good governance means for SMSFs including five tips for SMSF trustees.
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Super Snippets February 2022
A reminder about planning ahead for May's audit deadline, and helping clients avoid scams.
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2021 property valuation requirement changes
The biggest change in our approach to the audits of SMSFs for the year ended 30 June 2021 concerns the valuation of real property. Find out what you need to do to comply.
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Verifying the market values of unlisted investments
The ATO has released guidance for auditors on verifying the market value of unlisted shares or units in trusts. They make it clear they expect SMSF auditors to both qualify Part B of their audit opinion and lodge an ACR where there is a material breach
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The dangers of maintaining a suspense account in an SMSF
It's not often we have a Court or Tribunal decision on the making of an SMSF non-compliant so the recent decision of Coronica and Commissioner of Taxation (Taxation) [2021] assumed instant must-read status.
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Super Snippets January 2022
To assist with the audit process, we urge all our clients to revisit the contents of our valuations articles and the guidelines linked within them.
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The ATO’s new standard audit report released
The Australian Taxation Office have released their standard audit report for the year ended 30 June 2014 (NAT 11466) and interestingly there are no new sections or regulations of the Superannuation Industry (Supervision) Act 1993 for the auditor to review.
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Investment strategies - in the spotlight in 2019!
The poor old investment strategy has for far too long been a document largely disrespected by SMSF trustees and their advisers but that attitude needs to change.
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Property valuation requirement changes
The biggest change in our approach to the audits of SMSFs for the year ended 30 June 2021 concerns the valuation of real property. Find out what you need to do to comply.
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Announcement: Appointment of Director, Sajee Madarasinghe
Baumgartner Super is delighted to announce the promotion of Sajee Madarasinghe from Principal to Director with effect 1 July 2022.
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International Women’s Day 2023
The Baumgartners IWD Committee went all out this week with two special events to mark IWD 2023.
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SMSF loses assets to trustee in bankruptcy
An important lesson for trustees on the significance of keeping money and assets separate as SIS regulations require.
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Valuation of assets in 2020
Baumgartner Super Director, David Burrows, takes a look at the issues specific to certain asset classes for 2020 and revisits the requirements around valuation.
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Pre 30th June: Tips to keep your SMSF compliant
As the end of the financial year fast approaches, we would like to remind trustees of the following to assist with their self-managed super fund’s compliance:
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Lodgement protocols
Do not lodge the SMSF Annual Report before receiving the Audit Report. Read why.
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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.
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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
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Auditing the death of a member in an SMSF
Useful guidance on what we are generally looking for as auditors in auditing the death of a member in an SMSF.
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The ATO’s SMSF Early Engagement and Voluntary Disclosure Service
The Australian Taxation Office is doing its best to become more user-friendly by seeking better ways to engage with the taxpaying public.
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ASIC action highlights auditor requirements
If you receive a request for information from your auditor, please be mindful of the obligations they face and the ramifications to them, and potentially the trustees, if they fall short.
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In-house asset - section 83 says “acquire”
An issue that we have had cause to explore over the last few months is what happens under the Superannuation Industry (Supervision) Act 1993 (SISA) when an asset of the fund becomes an in-house asset at a point after it was acquired.
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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'.
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SMSF trustees face stronger penalties from 1 July 2014
From 1 July 2014, SMSF trustees face stronger penalties imposed by the Australian Taxation Office if they do not attend to what are seemingly simple administrative housekeeping requirements such as failing to keep proper records...
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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.
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The Third Annual SMSF Service Provider Awards
Baumgartner Super had the honour of being nominated as a finalist in the category of “Audit Provider of the Year” at this year's third annual SMSF Service Provider Awards.
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Baumgartner Super at the NTAA’s Tax Hot Spots
For the first time in a couple of years, we attended the NTAA’s Hot Spot Seminars around Australia in an exhibitor capacity.
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The verdict on SMSF auditor independence
This month the ATO released its highly anticipated Auditor independence guidelines for SMSF auditors. Is there any avenue for a firm to continue with in-house audits and, if not, what are the options? David Burrows explains.