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MEMBER 270 writes:

"The newspapers are full of industry funds hating the retail funds and both hating SMSFs. However no one is looking at what is happening on the ground. If you use MYOB AE MAS to prepare the accounts and audit of SMSFs and you are efficient and have some completed by the end of August, then you will be in breach of SIS. MYOB is only issuing its updated Reporter at the end of August with the new ATO approved auditor’s report and accounts format as per XYZ model accounts. This also applies to other general purpose reports, eg for the local bowls club. The professional bodies, the Standards Board and the ATO should be putting severe pressure on MYOB to ensure that its Report formats are received by accounting firms by the 30th June just like the new tax return programs."

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