653 paragraphs found
Investments in holiday houses or apartments need to be reviewed to ascertain if there has been use or enjoyment of the property by the trustees, members or a related party, as this is a strong indication that the sole purpose test has been breached and …
Actuarial reports are a means of assessing a SMSF’s progress in achieving its objectives of providing the member’s future benefits and in determining the share of the fund’s income that may be exempt from tax as a result of paying pensions to …
The ATO’s approved form auditor’s report Part A: Financial report requires the auditor to conduct the audit in accordance with Auditing Standards to form an opinion regarding the fair presentation of the financial report of the SMSF for the reporting …
ASA 200 requires the auditor to express an opinion on whether the financial report is prepared, in all material respects, in accordance with an applicable financial reporting framework. ASA 210 [82] details the requirement for the auditor to determine …
An accumulation fund, or defined contribution fund, is a fund which is not a defined benefits fund. [84] The benefits payable to members on satisfying a condition of release in an accumulation fund are determined by the accumulated contributions made to …
The requirements for financial reports for a SMSF are set out in the SISA and SISR. In summary, for an accumulation fund, they comprise: a statement of financial position; and an operating …
Funds where the benefits are wholly determined by reference to life assurance policies, prepare significantly different financial reports to other SMSFs. Guidance on these reports is provided in the SISR. [85] This Guidance Statement does not deal with …
Typical account categories in an SMSF’s financial report include: Assets: Cash and cash equivalents; Investments; Receivables; and Prepayments. Liabilities: Tax liabilities (current and deferred); Accounts payable and accruals; Borrowings, including …
In representing that the financial report gives a fair presentation of the SMSF’s financial position and performance during the reporting period and is prepared in accordance with the applicable financial reporting framework, the trustee makes assertions …
In accordance with ASA 315 [86] , the auditor uses assertions for classes of transactions, account balances, and presentation and disclosures in sufficient detail to form a basis for the assessment of risks of material misstatement and the design and …