The recent Competency Requirements for SMSF auditors set down by the Australian Professional Accounting Bodies Joint Standing Committee require a qualified auditor to undertake 30 hours of professional development in each rolling 3 year period. The necessary key compliance knowledge requirements include an understanding of the Superannuation Industry (Supervision) Act and Regulations to the extent that they apply to SMSF's. These audit requirements have recently changed. This is a great opportunity for SMSF auditors and advisors to learn about the changes and to brush up on all of the SIS technical requirements.
This presentation covers the relevant SIS requirements and their implications for accountants and lawyers, including:
discussion on the information required by Section I of the new SMSF Annual Return
an overview and practical implications of the new Auditor Contravention Report
what breaches must be reported and how to complete the Report.
Rob is a Director and Shareholder of Harwood Andrews Lawyers and is an accredited specialist with the Law Institute of Victoria in Income Tax Law and Business Law. Rob has been recognised as one of Australia's leading taxation lawyers by ALB's Legal Who's Who Australia 2003. Rob practises principally in the areas of taxation and revenue law, superannuation, business and investment structuring, advice on various types of trusts, asset protection and succession planning and business and commercial advice. Rob has presented on numerous occasions at State and National seminars and conferences on taxation and trust law issues for both the Taxation Institute of Australia and other industry groups and bodies. Current at December 2008Current at 01 December 2008
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
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