31386 paragraphs found
NALI [108] of a SMSF, which includes private company dividends (unless arm’s length), income from non-arm’s length transactions and discretionary or hybrid trust distributions, is not taxed concessionally. The auditor checks that any non-arm’s length …
Prior to 1 July 2007, non-arm’s length income was special income under the ITAA. Section 273 of the ITAA (1936) was repealed on 1 July 2007 and replaced by section 295-550 of the ITAA (1997). Refer to Public Tax Ruling TR2006/7 for further …
The auditor checks that any imputation credits attached to a franked dividend to which the SMSF is entitled have been recorded and that the respective franking credit of each dividend is accounted for correctly, and that these have been included in the …
Growth in the value of most SMSF assets is subject to CGT on their disposal, with assets purchased prior to 30 June 1988 deemed to have been purchased on that date. The auditor examines any asset disposal that may trigger a CGT event, to verify that any …
If the SMSF is registered for Goods and Service Tax (GST), generally due to owning business real property, and has taxed supplies (income) and input taxed supplies (expenses) the auditor, where material, reviews the GST calculation and business activity …
See ASA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report , paragraph 8 for information on “Other Matter” …
For the purposes of this Auditing Standard, the following terms have the meanings attributed below: …