SMSF audits are an integral part of managing the SMSF industry, but such audits also need to be a little more transparent and a great deal more understandable. There are a lot of myths surrounding SMSF audits. It is critical that they be quashed. Let us reveal the truth about SMSF audit myths below.
Category: SMSF Advice Archives
ATO Comes Out Supporting SMSFs
The SMSF industry runs without prudential regulation and this is the reason why annual independent audits become crucial to the cause of their goodwill amongst investors. After all, it is important to figure out whether SMSF deserves its tax concessional status. SMSF auditors assigned for the job know the importance of their task and give peace of mind to both; the trustees and the government.
What Will Happen to Refunds of Excess Non-concessional Contributions?
On the website of the Inspector General of Taxation (IGT), a review in regards to the compliance required for excess contributions tax is being posted. Agreed that the concessional contributions corner a big pie of discussions but no one can deny that the exorbitant tax on non-concessional contribution is also a point of debate.
Have You Considered the Longevity Question?
People take the mortality equation in right earnest. They fear they may die prematurely and thus try ensuring in advance that everything falls in place when they are no more there. Quite surprisingly, many of us fail to explore the other spectrum of this assumption. What if we survive beyond our expectations? Have we adequately considered the longevity risk?
