ATO’s SMSF Auditor Independence questionnaire
ATO’s SMSF Auditor Independence questionnaire Editor: The ATO has become increasingly concerned about the ability of self-managed superannuation fund (SMSF) auditors to comply with the independence requirements contained within Accounting Professional and Ethical Standards (APES) 110, where the registered tax agent is also the SMSF auditor of a fund. It is therefore not surprising that […]
Audit of fast-food outlets finds half exploit their workers
Audit of fast-food outlets finds half exploit their workers Sydney Morning Herald reported that half of all fast-food outlets audited by Australia’s workplace watchdog are underpaying their staff, and the overwhelming majority violate payroll obligations. The Fair Work Ombudsman’s nationwide investigation into the fast-food sector has alarmingly revealed just 53 per cent of 565 spot-checked employers have been paying their staff […]
ASIC Reduces red tape for changes of auditors
ASIC Reduces red tape for changes of auditors ASIC today announced a fundamental change to its approach to consenting to the resignation, removal and replacement of auditors. ASIC will now generally consent to the resignation of an auditor at any time of the year, subject to some conditions. Previously, ASIC only consented to the resignation […]
ATO reminder on when to appoint an SMSF auditor
ATO reminder on when to appoint an SMSF auditor The ATO has reminded tax agents and trustees that, in June 2013, the regulation that prescribed the period for appointing an approved auditor was amended. The change means that trustees and their tax agents now need to appoint an approved auditor no later than 45 days before […]
Taxpayer (and tax agent) slammed on record keeping
Taxpayer (and tax agent) slammed on record keeping The AAT has upheld the application of a 50% penalty to a taxpayer (who claimed to rely entirely on his tax agent) for ‘recklessness’ in claiming deductions that couldn’t be substantiated. Facts In the 2011/12 tax year, in a tax return lodged by his tax agent, the […]
Super update 3013
Super update 3013 Some SMSF statistics As at 30 September 2013, there were over 516,000 SMSFs holding around $531 billion in assets. Although SMSFs are nearing one million SMSF members (980,000), or 8% of the 11.6 million members of Australian super funds, they account for 31% of the $1.6 trillion total super assets as at […]
Amendments to Auditor Independence requirements
Amendments to Auditor Independence requirements The accounting professional and ethical standards board (APESB) has released amendments to APES110- code of ethics for professional accountants, to align it with the recent amendments to the international code issued by the international ethics standards board for accountants (IESBA). The revisions to the code incorporate IESBA’s amendments in respect […]
IGT Reaches Out to Punters to work Out Where to Go
IGT Reaches Out to Punters to work Out Where to Go The Inspector-General of Taxation (IGT), Ali Noroozi, has announced that he will now consult the public to develop his new work program for 2014 and beyond, inviting all interested parties to have a say. “My work program seeks to target areas that potentially provide […]
Our Bottrell Audit Services
Bottrell Accountants & Audits Bottrell Business Consultants have qualified accountants to help with all of your audit needs. We have extensive experience in managing and auditing trust accounts. Consequently we are able to offer you a streamlined service in a cost-effective manner with minimal disruptions to your office and your staff. Our audit team have […]
Legal Trust Account Audits
Legal Trust Account Audits in NSW Our Solictor Trust Audit Services in Maitland & Newcastle. Bottrell Accountants & Audits are specialists in the Legal Industry (Solicitors & Conveyancers) The team at Bottrell Accountants & Auditors – Trust Account Auditors for NSW. Important – The Bottrell Business Consultants team are registered & Licenced as EXTERNAL EXAMINERS […]
Some SMSF statistics
Some SMSF statistics Some SMSF statistics as at 30 September 2013, there were over 516,000 SMSFs holding around $531 billion in assets. Although SMSFs are nearing one million SMSF members (980,000), or 8% of the 11.6 million members of Australian super funds, they account for 31% of the $1.6 trillion total super assets as at 30 […]
