SMSF Auditors - Don't outsource your administrative work - Just have staff working overseas 09-12-2024
Over the past few years, we've had clients using our highly skilled staff, who are based in India, for managing the audit of self managed super funds (SMSFs). These tasks vary between highly complex tasks to just basic accounting & audit of a SMSF.
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Avoid SMSF Pitfalls: The Risks of Bank Overdrafts and Section 67 Compliance 03-12-2024
Avoid SMSF Pitfalls: The Risks of Bank Overdrafts and Section 67 Compliance
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Critical Insights for SMSF Auditors—Understanding and Verifying the Definition of “Retirement” 27-11-2024
Critical Insights for SMSF Auditors—Understanding and Verifying the Definition of “Retirement”
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Reversionary Pension vs. Binding Death Benefit Nomination (BDBN) 27-11-2024
Reversionary Pension vs. Binding Death Benefit Nomination (BDBN)
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Accessing Super on Compassionate Grounds
05-11-2024
Superannuation is a critical component of retirement savings in Australia, designed to pr
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SMSF Auditors suspended due to Fee dependency issues 05-11-2024
SMSF Auditors suspended due to Fee dependency issues
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ATO's New Audit Program Increases Scrutiny 05-11-2024
The financial statements of a SMSF need to be reviewed and audited by an approved SMSF Auditor
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Navigating Superannuation Disability Benefits 05-11-2024
Navigating Superannuation Disability Benefits
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Optimising Asset Sales for DIV 296 Purposes - Timing is everything! 24-10-2024
With the introduction of Division 296, superannuation fund member with balances exceeding $3 million will face a new 15% tax on earnings starting from July 2025. This tax applies to both realized and unrealized gains, creating significant planning challenges for SMSF trustees.
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The Crucial Role of Title Search and Property Valuation in SMSF Audits 14-10-2024
If there are any borrowings against the SMSF’ property, the beneficiary name is notified on the title deed document by lenders or on caveats granted on the property. Any such borrowing or lien is in contravention of SIS Regulations 13.14 and must be a qualified by the auditor in Part B of the audit report.
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Independence Threats in SMSF Audits: Compliance and Ethical Considerations 23-09-2024
Maintaining independence is a critical aspect of Self-Managed Superannuation Fund (SMSF) audits, ensuring the integrity and objectivity of the audit process. Independence in auditing is governed by a range of professional standards and regulations, notably the Superannuation Industry (Supervision) Act 1993 (SISA), the Superannuation Industry (Supervision) Regulations 1994 (SISR), and the APES 110 Code of Ethics for Professional Accountants. This blog delves into the technical aspects of independence threats in SMSF audits and how auditors can mitigate these risks in compliance with the law and professional standards.
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In-Depth Look at NALI and CGT Interaction – Insights from TD 2024/5 17-09-2024
The recent ATO ruling TD 2024/5 has critical implications for SMSF auditors, particularly regarding the interaction between Non-Arm’s Length Income (NALI) and Capital Gains Tax (CGT). Understanding this relationship is essential for maintaining compliance and minimizing tax risks for your clients’ SMSFs.
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Your SMSF Audit Experience: Important Updates to Personal Super Contributions 09-08-2024
Your SMSF Audit Experience: Important Updates to Personal Super Contributions
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Audit Report Updated: Effective 1st July 2024 01-07-2024
The Australian Taxation Office (ATO) has introduced new guidelines for SMSF audits, effective from 1st July 2024. These updates are crucial for maintaining compliance and ensuring the accuracy and reliability of audit reports. Our Online SMSF Audit platform is now fully equipped to generate audit reports that align with these new requirements.
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Free Webinar on "Client Profiling & Pre-Audit Checks " Plus website enhancement SMSF Asset Valuations 02-05-2024
Free 1 Hour CPD event in SMSF Audit - Tuesday 2.30 PM 11th June 24 - Plus Valuing assets accurately is paramount for SMSF trustees and practitioners, as it directly influences the financial health and compliance standing of the fund. Auditors play a central role in safeguarding the integrity and compliance of SMSFs by meticulously reviewing financial statements, including the valuation of fund assets. Their primary objective is to provide independent assurance to stakeholders, regulators, and members regarding the accuracy and completeness of financial reporting.
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Ensuring Precise Asset Valuation within Self-Managed Superannuation Entities 26-03-2024
This audit season, SMSF Auditors must ensure the valuation of assets are correct and free from any misstatement.
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Trust but Verify: The Critical Step of Checking Trustee Qualifications 11-03-2024
Trust but Verify: The Critical Step of Checking Trustee Qualifications
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Third-party Verification of Listed Shares and Securities by SMSF Auditors 24-02-2024
When an SMSF buys shares, those shares are registered under the SMSF's name with its HIN, ensuring that the SMSF is the legal owner of the shares. This is important for the management and administration of the SMSF's investment portfolio, as it provides a clear record of the SMSF's holdings and transactions for auditing and regulatory purposes.
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Div 296 Impact in SMSF: Rethink SMSF Contribution Strategy 19-02-2024
Self-Managed Superannuation Funds (SMSFs) play a crucial role in the retirement planning of many Australians. However, the landscape of SMSFs is constantly evolving, and trustees must stay abreast of legislative changes to ensure compliance and optimize financial outcomes. In this technical blog, we will delve into the implications of Division 296 and its impact on SMSF contribution strategies.
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ASIC's Enforcement Actions on SMSF Auditors in Q4 of 2023 12-02-2024
In the fourth quarter of 2023, the Australian Securities and Investments Commission (ASIC) implemented stringent measures against nine Self-Managed Super Fund (SMSF) auditors. 5 of whom will be ineligible to reapply for their license!
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Recent AAT Ruling Highlights the Importance of Compliance for SMSF Auditors 05-02-2024
Recent AAT Ruling Highlights the Importance of Compliance for SMSF Auditors
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SMSF Setup Guide: Trustee, ABN, ESA & More... 29-01-2024
Setting up a Self-Managed Superannuation Fund (SMSF) is a popular choice for many Australians looking to take control of their retirement savings. However, this financial freedom comes with many legal and regulatory responsibilities. The initial steps of setting up an SMSF involve creating a trust deed, formulating an investment strategy, and establishing a bank account.
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New Features Alert!! Online SMSF Audit has introduced new features.. 25-01-2024
Welcome to an exciting era of streamlined and enhanced online Self-Managed Superannuation Fund (SMSF) audits! We are thrilled to announce the latest updates and features incorporated into our Online SMSF Audit platform, aimed at revolutionizing the way you manage and conduct audits.
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Navigating SMSF Audits - Focus on Compliance with Collectibles and Personal Use Assets 17-01-2024
Investments in collectibles and personal use assets within a Self-Managed Superannuation Fund (SMSF) are subject to specific regulations and compliance requirements, particularly during the audit process. SMSF auditors play a crucial role in ensuring that the fund adheres to these regulations.
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How to Audit an Asset (Property - Title Search) of the SMSF 08-01-2024
When auditing assets held by a Self-Managed Super Fund (SMSF), it is crucial to adhere to specific regulations and verify certain aspects of the assets. Here are the key points to consider
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223 Individuals Disqualified to act as Trustees in September 23 Quarter 07-12-2023
Under Section 126A(6) of SIS Act , the Australian Tax Office (ATO) may disqualify an individual from acting as a trustee or director of a corporate trustee if they've contravened super laws or if its concerned about their actions or suitability to be a trustee.
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Introducing Title Search Service for Enhanced SMSF Audits 04-12-2023
Introducing Title Search Service for Enhanced SMSF Audits
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Why we need $3M in retirement and not $1.9M which is the current Transfer Balance Cap 30-10-2023
The proposed new 30% tax on superannuation balance over $3 million is being targeted as it proposes on taxing un-realized gains! Read further to learn more..
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Coming Soon - SMSF property ownership verification (Title Search) on Online SMSF Audit 25-09-2023
In a world of meticulous financial scrutiny, the Australian Taxation Office (ATO) has issued yet another clarion call. The rationale behind the mandate is straightforward but essential: Ensuring that the property assets within Self-Managed Super Funds (SMSFs) are unequivocally owned by the rightful trustees. This move underscores the relationship between auditors and SMSF trustees, binding them in a dance of diligence and integrity, ensuring that the foundation of these super funds is as solid as the investments they hold.
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Upsurge in SMSF Auditor referrals to ASIC - Read more to know why. 27-09-2023
In the 2022–23 financial year, ATO referred 41 self-managed super fund (SMSF) auditors to the Australian Securities and Investment Commission (ASIC). This represents a significant increase compared to the 17 referrals made in the previous financial year of 2021–22 and marks the highest rate of referral to ASIC in the past five years.
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Should SMSF Auditors be looking at how income is allocated to various members 13-09-2023
Total superannuation balance (TSB) of an SMSF member is greatly affected by the income of the fund that is credited to their account. Manoj would be presenting a webinar on 20th September where you can learn how Trustees can allocate income to various members of the SMSF to not breach SISR 5.03. Some effective strategies to counter additional tax on TSB over $3M will also be discussed.
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Closing Share Prices for 30th June 2023 - Updated 01-08-2023
Closing Share Prices for 30th June 2023 - Updated
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Reminder: Join us for our upcoming webinar - Enhancement updates on OSA 19-06-2023
Reminder: Join us for our upcoming webinar - Enhancement updates on OSA
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Disqualified SMSF Trustee's - List Updated on Online SMSF Audit 05-06-2023
How Onlinesmsfaudit.com.au can help you to identify disqualified trustees
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Reminder: Book your spot for our upcoming webinar- Enhancement updates on OSA 22-05-2023
Reminder: Book your spot for our upcoming webinar- Enhancement updates on OSA
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Enhancement updates on Online SMSF Audit 16-05-2023
Enhancement updates on Online SMSF Audit
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Learn how to Audit an SMSF smartly 08-05-2023
Online SMSF audit is an online software to audit SMSF. We ensure that the online checklist is current at all times, so that your every audit is as per the current SIS Legislation. We have recently updated our checklist and Manoj Abichandani will in his one hour FREE CPD event give you background surrounding the changes. A must attend event....
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Reminder to book our upcoming webinar | Enhancement updates on OSA 04-05-2023
Reminder to book our upcoming webinar | Enhancement updates on OSA
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Enhancement Updates on Online SMSF Audit 28-04-2023
When performing a compliance audit of a self-managed superannuation fund (SMSF), it is the responsibility of the auditor to ensure that the fund complies with the relevant legislative requirements of the SIS Act and SIS regulations. The auditor must verify that the fund has adhered to the regulatory requirements as set out by the Australian Taxation Office (ATO), which is responsible for regulating and supervising SMSFs in Australia. We have added new questions to our platform for, “Efficient and Seamless Auditing of SMSF”.
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Take your business to the next level - Integrate with Online SMSF Audit 05-04-2023
Now more than ever, an Audit firm needs their incoming business from varied sources instead on depending on just a few for their revenue. We are your solution!
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DONT OUTSOURCE YOUR WORK - JUST HAVE STAFF WHO WORK FROM OVERSEAS 22-03-2023
In the past years we've had a few clients using our highly skilled staff, who are based in India, for managing the audit of self managed super funds. These tasks vary between highly complex tasks to just basic accounting of a SMSF. As per their feedback, we have decided to make these SMSF specialists available for all our clients.
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After constant reminders, ASIC cancels registrations of 374 SMSF Auditors for continued non-compliance 03-02-2023
As part of their current compliance program, ASIC wrote to 1400 SMSF Auditors reminding them to lodge their Annual Statements. While most lodged their statements, some remained unaffected by the warning from ASIC.
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Our Audit Report is now updated with Auditing Standard - ASQM 1 20-12-2022
The new standard introduces a quality management approach which focusses on identifying risk factors and responding to them in an appropriate manner in order to improve the firm's system of quality management.
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Disqualified SMSF Trustee's - List Updated on Online SMSF Audit 20-12-2022
In the September 2022 quarter, ATO has disqualified 261 SMSF Trustee’s which is more than the number of disqualifications in the entire 2022 financial year.
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Disqualified Trustees database – Updated on OSA 15-11-2022
As at 30 June 2022, ATO has disqualified 252 SMSF Trustee’s during the 2021–22 financial year, with 80 disqualified in June 22 quarter alone. These figures show that ATO are rapidly cracking on individual Trustee’s who do not comply with the Superannuation law.
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You may not want to miss our Upcoming Webinar - Updates on Online SMSF Audit 18-10-2022
Seats quickly filling up for our free webinar on 20 Oct 2022. Book Now! Manoj will present the following additions and enhancements made to the online SMSF audit software - Free property valuations through our platform, Dividend data for 21-22, Audit verification checklist for Treasury Law Amendments 2021 and other enhancements done on our software.
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Accessible Customer Data for Listed Securities 12-10-2022
Online SMSF Audit is seeking the advice of its users on whether or not, we should invest in integrating with a Secure data provider for listed shares. Read below to caste your vote and help us reach a business decision...
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Asset Valuations & your role as SMSF Auditor 21-09-2022
ATO has clearly stated the role of an SMSF auditor with regards to determining the market value of the assets held by the SMSF.
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Enhancement on OSA - We are now providing Free Property Valuations 15-09-2022
Asset valuation is a key component in the audit of an SMSF as the tax return of the fund depends heavily on the financials of the SMSF and getting the right valuation of any asset, will prepare the fund's Trustee's to lodge the correct tax return.
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Super Death benefits : A webinar not to be missed 12-09-2022
Benefits may generally be paid to one or more of the member’s dependants or their legal personal representative (LPR), ie the estate, subject to the fund’s governing rules. But who will actually get the death benefit is always confusing
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Enhancement to our Online SMSF Audit Software - Disqualified Trustees database added 30-07-2022
The list of Disqualified Trustees has now been integrated with Online SMSF Audit software for SMSF Accountants and Auditors and will be regularly updated every quarter. This functionality will help you identify contravention of section 126K of the superannuation Industry supervision act (SISA). If trustees are disqualified, a SMSF auditor must report the contravention on an Independent Auditors report.
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You can now customize Online SMSF Audit Checklist and make it specific to your firm 22-07-2022
Welcome to the new financial year! Our aim for this new year is to enhance our products by adding new functionalities which will make the job of an auditor much easier and at the same time, increase the thoroughness & quality of the SMSF Audit.
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Closing Share Prices for 30th June 2022 - Updated 12-07-2022
We have now uploaded closing share prices for all ASX listed shares and unit trusts on our website for the financial year ended 30th June 2022.
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DONT OUTSOURCE YOUR WORK - JUST HAVE STAFF WHO WORK FROM OVERSEAS 08-07-2022
Is your SMSF staff costing you a fortune? We now offer experienced SMSF staff for just $2,000 a month (excl GST) or $100 per fund (excl GST). Get 96% of your audit work completed by our staff and log in to just review and sign reports!
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The ATO has released the SMSF quarterly statistical report for March 2022. 22-06-2022
The ATO's most recent SMSF statistical report indicates that SMSF establishments have crossed the 600,000 mark for the first time with 5,871 SMSF's created between December 2021 and March 2022.
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ATO"s Warning to SMSF Trustees - Are you up to date with all previous years annual returns? 08-06-2022
In a recent update, ATO has warned SMSF trustees about late lodgments of their SMSF Annual return. Trustees must be up to date with all their annual returns including their 2021 annual return.
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High Level - End of Financial Year Strategies & Checklist for SMSF Trustees 01-06-2022
End of the financial year is an important time for all professionals for advicing their cleints, specially in the field of SMSF. We have prepared a checklist for you to relook at how some super strategies can benefit your clients . ...
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Changes to the work test requirements from 1st July 2022 for superannuation contributions explained in plain english 25-05-2022
From 1 July 2022, if you are 67 to 74 years old, you will no longer be required to meet the work test when making non-concessional or salary sacrificed superannuation contributions....
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A Warning from ATO to SMSF Auditors & Why you should delay making Downsizer Contributions 18-05-2022
In a case where the Trustee of the SMSF if Disqualified, ATO will send an email notification to the Auditor listed in the funds most recent SMSF Annual Return. But what happens if the fund has appointed a new Auditor for the new year?
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Are you a business owner without an online presence? 10-05-2022
In this digital age, just having a website is not enough, the website should be a revenue generating tool where your visitors convert into customers and it can easily communicate what products or services you offer. The interface of your website should be truly user friendly for the visitor to stick around and navigate themself through until purchase of the product or service offered by you - In this case. sign up as a client of your business.
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Block your calendar for the most awaited Accounting Business Expo. We'll see you there! 21-04-2022
We are excited to invite you to visit us at the Accounting Business Expo on 28th & 29th April at ICC Darling Harbour, Sydney. Accounting Business Expo is Australia’s Premier Exhibition and Conference for the Fast Changing World of Accounting, Business, Finance and Money. It is the best place to keep up to date with all the developments in the accounting and finance industry.
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Downsizer Contribution to Super - You may now be eligible! 01-04-2022
If you have reached the eligible age (Now 60 years), you may be eligible to contribute up to $300,000 from the proceeds of the sale (or part sale) of your home into your superannuation fund. From 1 July 2022 the eligible age to make downsizer contributions has been reduced from 65 to 60 years.
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Flexible Report Writer Enhancement - Reversed 24-03-2022
As per feedback from our users, we have decided to reverse the enhancement and further make some changes before we re-launch.
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Last chance to book Free Webinar (1Hr CPD) - Software Enhancements & Webinar 21-03-2022
Enhancement to Online SMSF Audit & Upcoming Webinar Information
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SMSF Borrowings hit record high as property market soars! 15-03-2022
Borrowings by Self managed superannuation funds to buy commercial and residential properties jumped to $66 billion last year which was up 22%. More & more investors plunged into the rising property markets in the last year leading to an increase in the value of property in SMSF to a record high of $140 billion.
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Season's Greetings! It's time for a break! 24-12-2021
May your Christmas be as cheery, bright, and joyful as you make us. Thank you for being the most important part of who we are.
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We are back with Seminars across Australia!!!! 15-12-2021
After a long and stressful 2 years of the pandemic, we are finally able to resume our seminars across Australia to help proffessionals get their CPD via informative sessions by SMSF Specialists with over 30 years of experience.
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Safeguards to comply with APES 110? 13-12-2021
The ATO has recently issued guidance on how to comply with the new APES 110 Code of Ethics for Accountants effective from January 1, 2020. The ATO has a strict stance on this ruling and has proposed all the firms whether independent or network firms to use professional judgment in the light of these rulings to assess their compliance with the updated Code of Ethics. As per ATO, all the firms are required to comply with the new rules for audits after July 1, 2021.
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Our company registration form can now support you to update and store Director IDs for your clients 10-12-2021
From 1st November 2021, Australian Business Registry Services (ABRS) has made specific transitional arrangements for individuals who are existing director or will be appointed as Director in the future to apply for a Director ID.
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The Australian Government has announced the full implementation of the
Modernizing Business Registers (MBR) program as part of its Digital Business Plan. As an effect, the government has introduced Director Identification Number (Director ID / DIN). 02-12-2021
The Director Identification Number (director ID) is a unique identifier that a director will apply for once but will stay with a director for life, offering greater identity security. You will need a director identification number (DIN / Director ID) if you're a director of a company or a corporate trustee of a self-managed super fund (SMSF), registered Australian body, registered foreign company or Aboriginal and Torres Strait Islander corporation. The objective of this rollout is to create a fairer business environment by helping prevent the use of false and fraudulent director identities. This will go a long way to better identifying and eliminating director involvement in unlawful activity.
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Enhancement to Online SMSF Audit & Upcoming Webinar Information 29-11-2021
New Questions have been added in our checklist for COVID-19 Rent Relief provided by the SMSF and Covid-19 Rent Relief received by the SMSF from a Related Party under LRBA...
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Take your business to the next level - Integrate with Online SMSF Audit and advertise yourself to over 6000 accountants for free... 17-11-2021
Your presence can’t add value, if no one knows about it!
Less than 64% of small businesses have a website. But, 70-80% of people research a company online before visiting it or making a purchase. And, 58% of small businesses without websites plan to create one in 2021...
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Importance of thorough SMSF pre-audit checks before commencing Financial and Compliance audit? 12-11-2021
While auditing an SMSF, it's Auditors duty to run all "Pre-Audit" checks & ensure that prior year's information required for current years audit is available. Quite often than not, there is some key information missing or unavailable which is sometimes overlooked by the auditor. This could be increase audit risk and in some situations make the year's audit null and void. In a recent case...
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What audit situations require a Contravention report to be lodged? 10-11-2021
While having a self managed super fund is very attractive in nature, it also comes with a lot of rules, regulations and most importantly - Responsibility. As a trustee of the SMSF, you are responsible to comply with SISA & SISR at all times. In case of a breach in compliance, the auditor is bound by law to lodge a contravention report to the ATO. Read ahead to know the common breaches a self managed superfund makes...
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Enhancement to our Software - Totally Re-Vamped Audit Working Papers 01-11-2021
Introducing - Customized Dynamic Questions to our audit working papers. This feature will allow auditors to add their own checklist to our pre-existing checklist on every Tab and every aspect of the Online Audit software.
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Are you spending more than 3 hours to audit a Self Managed Superfund? We have a solution for you... 21-10-2021
SMSF Auditors spend too much time in financial audit and completing manual audit working papers. Our online audit software does most of this work automatically & saves half your time as compared to traditional auditing methods. This means you can save time and earn more business...
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Last chance to book FREE WEBINAR - 1 CPD hour 18-10-2021
Manoj Abichandani in this webinar will be discussing how SMSF can get involved in the property market individually or with others
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Are you thinking of buying a property with your SMSF? Do you have a structure in mind? 05-10-2021
If you have made a decision to purchase one or more properties through your SMSF, you are either building a retirement home or considering purchase of real estate and turning it into a business. But Can SMSF conduct a business?
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Last Chance to book Free 1Hr CPD webinar with Manoj Abichandani 04-10-2021
Topic: "SMSF & Crypto Currency - Good or Bad! Don't Care - But how do I audit them?"
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Cryptocurrency in SMSF - how to account for it and audit it... 24-09-2021
Missed our webinar on Commencing a Pension? Do not worry, we have uploaded the webinar to Online SMSF Audit which will allow you to watch the recorded webinar and get 1 CPD hour.
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ASX Dividend Data has been Uploaded 22-09-2021
Dividend data for ASX listed Companies has been uploaded on the Online SMSF Audit Programme.
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Last Chance to book Free 1Hr CPD webinar with Manoj Abichandani 20-09-2021
Topic: "Commencing a Pension - How to do it & What a Trustee needs to do to maximize benefits"
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ASX Top 200 Dividend Data has been Uploaded 17-09-2021
The dividend data for the ASX top 200 companies has now been uploaded on the Online SMSF Audit Software.
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Important Updates 15-09-2021
Yesterday i.e 14/09/2021, some of our users faced issues while logging in and also while using our audit software in the second half of the day. This happened because we were upgrading our servers between 11pm on 13/09/2021 & 4am on 14/09/2021, however, it got extended to the next business day. We apologize for the inconvenience caused to all the users and will make sure this does not happen again.
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Adjustment to your Pension Accounts 09-09-2021
If you had a transfer balance account before indexation occurs, your personal transfer balance cap will remain at $1.6 million if, at any time between 1 July 2017 and 30 June 2021, the balance of your transfer balance account was $1.6 million or more.
This applies even if the balance of your transfer balance account is less than $1.6 million when indexation occurs. Indexation to pension do not apply to everyone...
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ATO Quarterly Statistical Report (June 2021) for Self-managed super fund market is now available 06-09-2021
ATO releases a quarterly analysis of the self managed superfund market taking into account valuable feedback from the Industry players. These reports are now available on data.gov.au and will be discussed in tomorrows webinar by Manoj Abichandani.
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Early Release Scheme can now be Re-Contributed to any Super A/C and it will be excluded from NCC 03-09-2021
If you are an individual who withdrew from their super account under the Early release scheme, ATO will allow you to re-contribute that amount to any super account of your choice where the fund rules allow...
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Free Webinar on Contributions - How to maximize and audit them - 1 CPD 31-08-2021
Making super contributions after 1 July 2021 comes with more benefits as the Concessional and Non-Concessional caps have been indexed along with the increase to the Transfer Balance Cap and Total Super Balance Cap. In this webinar, Manoj will discuss all types of contributions which can be made to a SMSF...
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We have updated our online SMSF forms to create 6 member funds on Trustdeed.com.au 23-08-2021
Trustdeed.com.au has now updated the New SMSF form & SMSF Update form to create 6 member funds. The SMSF Trustdeed has also been updated with the latest legislations. Find out more...
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Webinar Uploaded - Investment Strategies after COVID 19 - are they still important? 12-08-2021
Webinar held on 10th August 2021 by Manoj Abichandani has been uploaded under the "Technical Videos" section on the software. You will also be able to download Investment Strategy template, Minutes, & Reconciliation documents shown during the webinar.
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ATO says that It is our obligation as a Tax agent or as a BAS agent to ascertain that a client is a genuine taxpayer and that they are who they say they are. 10-08-2021
The TPB Code of Conduct does not specifically provide guidelines around verifying a person’s identity, however it is becoming increasingly important to know your client and perform an identity check in order to minimize the chance of identity fraud and cybercrime.
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Webinar on Investment Strategies after COVID - 19 Are they still important? 08-08-2021
Many Templated Investment strategies are too broad for Trustees to follow. In this Presentation Manoj will discuss why Investment Strategies are important & How to write one considering the fund's current investments & all members' situation. A sample Investment Strategy can be downloaded...
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Closing Share Prices for 2021 are now Live PLUS some other updates 20-07-2021
We have now uploaded closing share prices for all ASX listed shares and unit trusts on our website for the financial year ended 30th June 2021.
You can simply check the closing prices by entering the ASX code and quantity owned by the SMSF - the table is then appended to your supporting evidence and workings papers file, should the ATO want to check the quality of your audit.
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SMSF Audit Engagement Letter - Now Updated 17-07-2021
Due to amendment to the Auditing standard from the 1st of July 2021, we have updated our Audit Engagement Letter.
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New Audit Report is now Live 02-07-2021
Our IT team has finished development of the new audit report. In addition to the text which has to be added in Part B - in every audit report, auditor must also declare who prepared the financial statements. Currently, we have 4 versions of audit report
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New Audit Report and Final Reminder of price increase from 1st July 2021 - Buy cheaper audit packs NOW ! 29-06-2021
Our IT team has completed updating the Audit reports. In addition to text which has to be added in Part B - in every audit report, auditor must also declare
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New SMSF Audit Report 25-06-2021
ATO has recently released a new version of the Self-managed super fund (SMSF) independent auditor's report (IAR) (NAT 11466-07.2021) which will be made mandatory from 1st July 2021. To enable auditors time to transition the new IAR, the ATO will not take any compliance action where auditors continue to use the previous version of the IAR during the month of July 2021.
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Reminder - Fund Prices to Increase from 1st July 2021 - Buy in Bulk now to Save money! 21-06-2021
Pre 30th June 2021 Price: Audit pack of 100 funds is for $1650 - which includes free digital signature software valued at $770. 500 Audit Pack comes with an Enterprise Corporate plan of digital signature which will change the way you do business using templates to digitize and future proof your business.....
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Webinar Uploaded - Death of a Trustee - What to do when a Trustee of SMSF dies? 17-05-2021
Webinar held on 12th May 2021 by Manoj Abichandani has been uploaded under the "Technical Videos" section on the software. You will also be able to download the presentation shown during the webinar.
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Last Chance to book Free 1Hr CPD webinar with Manoj Abichandani 11-05-2021
Death of a Trustee - What to do when a Trustee of SMSF dies & audit pressure points
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Last chance to book free 1Hr CPD webinar with Manoj Abichandani 04-05-2021
The transfer balance cap is the limit on how much money an individual can transfer from their accumulation superannuation account into a tax-free retirement phase pension account (such as an account based pension). Learn the importance of this cap with reference to the upcoming changes in the law.
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Is your SMSF staff costing you a fortune?
We now offer experienced SMSF staff for just $2,000 a month (excl GST) or $100 per fund (excl GST). Get 96% of your audit work completed by our staff and log in to just review and sign reports! 20-04-2021
Being in business for the past 13 years, we understand the need of our clients. We also beleive that an accounting firm is as good as its employees. Every firm's journey is different but no matter what your situation is, we have the right staff for you to outsource all your SMSF work to.
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Q & A on APES 110 Guidelines By Manoj Abichandani, Eric Taylor & Dennis Wright / CPD 1Hr 14-04-2021
Are you confused about what the new independence laws mean for your firm?
Firstly, you are not alone....
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NEW APES 110 Rules on SMSF Auditor Independent Requirements 09-04-2021
The ATO has recently issued guidance on how to comply with the new APES 110 Code of Ethics for Accountants effective from January 1 2020. The ATO has a strict stance on this ruling and has proposed all the firms whether independent or network firms to use professional judgment in the light of these rulings to assess their compliance with the updated Code of Ethics. As per ATO, all the firms are required to comply with the new rules for audits after July 1 2021.
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Looking back at the past 7 years and how much we still have to learn & grow! 31-03-2021
In the past 7 years, we have aimed at providing SMSF Auditors with an extremely comprehensive online SMSF auditing tool and for doing that, we have had to constantly enhance our technical material which ensures that all your SMSF audits are of top quality without having to spend too much time on financial aspect of each audit as we teach the software to conduct the audit by using artificial intelligence. In this blog, Manoj will breifly outline the journey from here on...
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Webinar Uploaded - APES 110 - The Conceptual Framework 30-03-2021
Webinar held on 25th March 2021 with Manoj Abichandani, Eric Taylor & Dennis Wright - "APES 110 - The Conceptual Framework" now uploaded on Online SMSF Audit
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Last chance to book free 1Hr CPD webinar with Manoj Abichandani, Eric Taylor & Dennis Wright - APES 110 - The Conceptual Framework 25-03-2021
Last week, ATO released a better understanding to APES 110 guidelines. This does clear the grey area which SMSF Audit firms might be facing since July 2020. To give you a brief summary, we have created a conceptual framework to be shared with our users.
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APES 110 - The Conceptual Framework 22-03-2021
Last week, ATO released a better understanding to APES 110 guidelines. This does clear the grey area which SMSF Audit firms might be facing since July 2020. To give you a brief summary, we have created a conceptual framework to be shared with our users.
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Last chance to book free webinar on Enhancements to our Software - A totally re-vamped Query Module 17-03-2021
We are now ready to launch our long awaited Re-vamped Query module...
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1 Hour CPD - Free Webinar Uploaded - New APES 110 SMSF Auditor Independence Requirements 16-03-2021
Webinar held on 16th March 2021 has now been uploaded
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Last chance to book FREE WEBINAR - NEW APES 110 RULES on SMSF Auditor Independent Requirements 15-03-2021
By Manoj Abichandani
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Future of SMSF Auditing in Australia 12-03-2021
Are you confused about what the new independence laws mean for your firm?
Firstly, you are not alone....
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Webinar Uploaded - Repercussions of indexation to Transfer Balance Cap 09-03-2021
Webinar held on 4th March 2021 - Repercussions of indexation to Transfer Balance Cap - has been uploaded on Online SMSF Audit
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Last chance to book Free Webinar - Repercussions of indexation to Transfer Balance Cap 04-03-2021
With the cap set to increase to $1.7 million from 1 July 2021 there are complexities relating to Pension indexation, Concessional Contributions and Non-Concessional Contributions. Further issues can arise where SMSF members are considering the bring forward rule or are already in the trigger phase.
Via case studies, Manoj in this session we will review:
Transfer balance cap indexation
Dealing with death benefits with increased Transfer Balance Cap
How the increased "Total Superannuation Balance" will interact with NCC bring forward rule
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Enhancement to our Software - A totally re-vamped Auditors side - Query Module 02-03-2021
7 new functionalities being added to the Query module of the software. Making your job much easier and saving you heaps of time!
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Are you using a 5th Generation Digital signature platform.. 89% of clients read all their SMS whilst their emails remain unanswered for an average of 2.8 days.... 06-02-2021
If you are already one of 11% of Australian business using digital signatures for getting your clients to consent lodging income tax returns and approving financial statements, then you are already ahead of the rest. But are you using a 5th Generation Digital signatures software, which can do all the following:
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Enhancement to our Software - A totally re-vamped Accountants side - Query Module 28-01-2021
As you would have noticed that we are getting ready for 1st July 2021 - where Accountants will be interactiving with "Independent Auditors" more actively, we are creating pages for them where they are able to
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Further information on Accountants Enhancements 21-12-2020
New pages will turn every Accountant into a top notch SMSF Administrator. These enhancements have a proprietary owned Query Module where the accountant can send queries to Trustees and get them resolved and answer to all the Auditors queries. The best part is that our Accountants module is free to use
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Enhancement to our Audit Software - Accountants Side 15-12-2020
For the past 6 months we have been building the accountants side of the audit software so that the accountants can enjoy the advancement in technology as auditors have been since 2013 when this software was launched so that they can increase their interaction with auditors online.
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Free Webinar - Are Actuarial Certificates for the SMSF funds you are auditing, correct? - Last chance to book 09-12-2020
An Actuarial Certificate is required when the SMSF is partially in Accumulation mode and partially in Pension mode. The certificate determines which portions of the SMSF are taxed at 15% and which at NIL. This is how the ATO ensures that income is allocated correctly between taxable and tax free.
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SPR 2020/2 Determination is now registered - Rent deferrals to related party tenants due to COVID - 19 01-12-2020
Has the fund which you are auditing rented it's commercial property to a related party - If yes. Was rent deferred due to COVID 19 - If Yes, then you need to know what SPR 2020/2 determination allows you to do. This determination legislates ....
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Trustdeed & Online SMSF Audit will be closed from 25 December 2020 to 3 January 2021 (inclusive) 27-11-2020
2020 has been a pretty tough year. We all deserve a break!
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Future of SMSF Audit - Last chance to book a free webinar by Peter Rae, Dennis Wright, Eric Taylor & Manoj Abichandani 10-11-2020
The APES Independence Guidelines released in May 2020 are causing a massive restructure of the SMSF Audit industry. Join us to discuss what the changes in the regulations mean for you and your firm.
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Three professional bodies have realized that the old method of "Chinese Walls" in an accountants office - do not work for SMSF Audits 31-10-2020
There has been a lot of media talk on the new independence guidelines - including ATO has been very vocal about it as well.
This was long time coming - the three professional bodies have realized that the old method of "Chinese Walls" in an accountants office - do not work.
We have now reached a bridge, where firms who were auditing in-house (in the same firm / branch / network firms etc) have to consider outsourcing Auditing of SMSF where their firm have "worked on". For many firms - it is a blessing as
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Future of SMSF Audit - A detailed discussion with Seasoned and Experienced SMSF Auditors: Peter Rae, Dennis Wright, Eric Taylor & Manoj Abichandani - Free Webinar 29-10-2020
The APES Independence Guidelines released in May 2020 are causing a massive restructure of the SMSF Audit industry. Join us to discuss what the changes in the regulations mean for you and your firm.
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IT IS LIVE!!! Our discussion forum was launched last night, and we couldn't be more excited to welcome all Auditors & Audit staff members to get posting! 28-10-2020
Due to the high demand of an online forum for Auditors to discuss the developments and changes in the field of SMSF, we have finally launched the forum on our software...
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Take your business to the next level - Integrate with Online SMSF Audit and advertise yourself to over 6000 accountants for free... 26-10-2020
Now more than ever, an Audit firm needs their incoming business from varied sources instead on depending on just a few for their revenue. We are your solution!
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SMSF Auditor be warned of APES 110 new rules- Free Webinar 13-10-2020
Last Chance to hear Manoj Abichandani, Director of SMSF Auditors Association of Australia, in a free webinar tomorrow i.e 14th October 2020 at 2pm to discuss how audits will be conducted for Self Managed Superfunds from 1st July 2021 and what action you need to take today, if you want to continue auditing.
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Number of SMSF members increasing to maximum Six - Beneficial or Troublesome? 28-09-2020
As of 2nd September 2020, the bill, to increase the number of members in an SMSF to Six, has been referred to the Senate Economics Legislation Committee to consider. Response is due by 4th November 2020.
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Dividend Data / Changes in Audit Report / NEW APES 110 RULES on SMSF Auditor Independent Requirements 18-09-2020
We have now uploaded Dividend Data for all ASX listed shares ......changes made to NAT 11466 Independent Audit Report..... ASIC has imposed additional conditions on two SMSF Auditors. The reasons provided are all too familiar to us and highlights weaknesses in certain areas of audit....
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Changes to SMSF Independent Audit Report 15-09-2020
Changes have been made to the Self-managed super fund independent auditor’s report (IAR) (NAT 11466-07.2019) effective for reporting periods starting on or after 1st July 2019. This form replaces the previous IAR that was effective for reporting periods on or after 1st July 2016. You must use the new form for reporting periods starting on or after 1st July 2019.
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Enhancement to Online SMSF Audit 19-08-2020
We have made changes to our landing page on the Online SMSF Audit website. The new dashboard will give you a bird’s eye view on:
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New SMSF Audit Report is Online 01-08-2020
Changes have been made to the Self-managed super fund independent auditor’s report (IAR) (NAT 11466-07.2019) effective for reporting periods starting on or after 1st July 2019. This form replaces the previous IAR that was effective for reporting periods on or after 1st July 2016. You must use the new form for reporting periods starting on or
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What to do for your SMSF before the year ends - FASEA: 1 Hr CPD Client Care & Practice 23-06-2020
Manoj in this webinar will be discussing a complete list of items which must be done for your SMSF, before the year ends
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How to Document Instalment Payment Relief of LRBA due to COVID 19 from Related Party 10-06-2020
Free Webinar: In this event Manoj will show you how to Document Instalment Payment Relief of LRBA due to COVID 19 from Related Party
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Job Vacancy at our office 27-05-2020
We have an opening at our office from 1st July 2020
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Enhancement to Online SMSF Audit – Share Google Authentication code with members under your profile 12-05-2020
Enhancement to Online SMSF Audit – Share Google Authentication code with members under your profile
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How to Document Rent Relief for SMSF property leased to Related Party due to COVID 19 08-05-2020
Trustees of SMSFs that own property leased to related parties may be finding that they are falling behind in paying rent to their SMSF's under the lease conditions due to the economic downturn arising from COVID-19.
The tax office has provided a practical approach of broadly not applying compliance resources to this issue for FY2020 and FY2021 where the SMSF Trustee has offered rent relief to their tenants, including if the tenant is a related party of the SMSF. However from a legal perspective, if these matters are not carefully documented, SMSFs and their trustees/directors could potentially face the risk of significant penalties under the Superannuation Industry (Supervision) Act 1993 (Cth) (‘SISA’) and the Superannuation Industry (Supervision) Regulations 1994 (Cth) (‘SISR’). In this webinar Manoj will provide you templates of..
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Enhancement to the software : All questions relating to Subsequent events, Market Value of assets etc have been uploaded 24-04-2020
Auditors in their audit report should lodge Part A qualifications and emphasis of matter for those Self Managed Super Funds which have been affected by COVID 19 to avoid any future litigation from Trustees.
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I need help in developing Online SMSF Audit - please answer my survey 19-04-2020
As a Software provider - there comes a time in the software cycle that you allocate your resources to build something which are not immidiately required and miss on ....
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Part III - How to audit SMSF's whose investments are affected due to COVID - 19 15-04-2020
If you are an auditor, please do not sign off any Audits for financial year ended 30th June 2019 before you learn how to fix your - Engagement Letter - Trustee Representation Letter
Also what to expect in the Financials - in Subsequent Events. Templates will be provided on how to complete - Working Papers - Management Letter - Qualify Audit Report - Lodge a Part A Audit Report
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OVID-19 How to benefit from changes legislated to Superannuation 13-04-2020
The Government has passed legislation on ‘Providing Superannuation Relief’ measures that were announced on March 12 2020.
- Reduced pensions
- Early access to $10,000
- Rent relief related parties
- in-house assets
Hear from Manoj Abichandani Technical Director as he explains how you and your clients can benefit from these measures and Strategies which you should be implementing now for your clients for their Self Managed Super Fund and what it means for you IN PLAIN ENGLISH.
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Webinar: COVID-19 Understanding The Cash flow for Employers Incentive 26-03-2020
Free webinar: COVID-19 Understanding The Cash flow for Employers Incentive?
The Government has passed legislation on ‘Boosting Cash Flow for Employers’ measures that was announced on March 12 2020. The Government is providing up to $100,000 to eligible small and medium-sized businesses that employ people, with a minimum payment of $20,000.
These payments will help businesses with their cash flow so they can keep operating, pay their rent, electricity and other bills and retain staff.
Hear from Manoj Abichandani Technical Director as he explains the cash boost incentive and what it means for you IN PLAIN ENGLISH.
Manoj will go through the eligibility criteria and explain the mechanics behind the legislation and integrity rules that you should be aware of.
He will also answer your questions.
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Enhancement to Online SMSF Audit - Making mobile number mandatory and chat with Support Team 24-03-2020
We have enhanced our software. You will be able to now work from home and secure your data with deciding who can access to the online software. The first step is for the audit partner to decide who can access his data, for that we have made mobile phones compulsary for all log ins
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What SMSF Auditors must ensure is included in Financial Statements due to COVID - 19 11-03-2020
What SMSF Auditors must ensure is included in Financial Statements due to COVID - 19 - Free Webinar on 1st April 2020 by Manoj Abichandani
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The ATO has issued new guidelines on how an Investment Strategy (IS) should look like 21-02-2020
Trustees may require assistance with preparation of a complying investment strategy, as an advisor, if you are not a licensed financial adviser, you are not legally capable of assisting them, however under some circumstances you can help trustees to draft a complying Investment Strategy. Those who are licensed, this is an opportunity to not only assist Trustee clients but also ensure that their funds pass the annual audit.
Manoj Abichandani in this webinar will discuss what you as advisor can do, licensed or otherwise, and
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Kellie Grant will show you how not to lose your SMSF audit licence..... 16-02-2020
Important Message from ATO : SMSF Auditors Association of Australia LTD runs 20 free webinars in a year for its members.
They have decided to offer the next webinar for free to all SMSF Auditors as it is an important message from the ATO.
Date: 18th Feb 2020
Time: 2.00 PM to 3.00 PM Sydney Time
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Last 3 Seats left - Seminar tomorrow 13th Feb in Parkroyal Sydney 12-02-2020
Classroom training environment gives you an opportunity to step away from the distractions of your office and learn from our experienced trainer. This
presentation details online audit software functionalities & features and demonstrates how you can save half your audit time and enhance profitablity of your business in a more exciting and effective way.
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Auditing the Auditors - What an SMSF Auditor can expect during an ATO Audit 07-02-2020
SMSF Auditors Association of Australia LTD runs 20 free webinars for its members. However they have decided to offer the next webinar for free to all SMSF Auditors as it is an important message from the ATO. This blog is to advice how you can book for this free webinar...
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Beef up your CPD - ATO is coming 13-01-2020
You are invited to Online SMSF Audit workshop to become a Certified Online SMSF Audit user. Learn how our audit software can benefit you and your
clients. Be a better auditor, and meet & exceed professional audit requirements, drive SMSF compliance and increase audit effectiveness.
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Enhancement to Online SMSF Audit – SMSF Templates are upgraded with categories & new design 16-12-2019
Enhancement to Online SMSF Audit – SMSF Templates are upgraded with categories & new design
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Enhancement to Online SMSF Audit - Add Comments to Audit Evidence 07-12-2019
Now you can add comments to Permanent documents and Audit Evidence. Register for this free webinar to learn more how you can save time in your audit.
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Enhancement to Online SMSF Audit - Add Multiple Staff 11-11-2019
The software now has the ability to add or allocate funds to multiple staff members in the audit firm / Accounting firm
When adding a new fund - it was possible to add multiple staff members (Staff members of accountants are called associates) who could access the fund. However after the fund was added, you could only change staff from one to another in bulk and you could not give access to multiple staff members in bulk.
After the fund is created - now it is possibly
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Last Chance to book a Free Webinar today at 2 PM AEDT on Investment Strategy by Manoj Abichandani 16-10-2019
If you or your client has received ATO's letter, this is a non-miss event as Manoj will show you how advisors can package their services, prepare an SOA for investment strategy, what to write to the Trustees plus a template of a property non-diversified investment strategy & minutes to document & adopt the investment strategy.
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Ensure that investment strategy complies with the law - How? 07-10-2019
End of August 2019, the ATO sent out about 18,000 letters to SMSF Trustees to "ensure that their investment strategy complies with the law" where their investment Strategy outlines that the fund may hold 90% or more of its assets in one asset or a single asset class or cop $4200 fine.
The ATO also wrote to their SMSF Auditors outlining their reporting role and what Trustees must do, where the fund has invested in a single asset or single asset class.
These letters have caused a lot confusion among Accountants & Auditors who have received these letters. Firstly why were these letters
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Auditing a fund with non-diversified investments 05-09-2019
The worst thing which can happen to an auditor is to get numerous calls from accountants for the same issue - whose funds you have just audited - has received a letter from ATO regarding Reg 4.09 of SISR. First don't panic. second...
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Be amazed on how OCR will change the way you audit SMSF's 17-08-2019
We have now implemented Optical Character Reorganization (OCR) on our software. This feature will reduce your time to audit SMSF's. Auditing standards require that you inspect audit evidence and determine if they are sufficient for you to make audit conclusions. What OCR does is finds these audit evidences for you quickly - the machine becomes your digital eyes.
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Seminar 18th July 2019 Melbourne Parkview St. Kilda 15-07-2019
SMSF Auditors spend too much time in financial audit and completing manual audit working papers, our online software does most of this work automatically & saves half your time as compared to traditional auditing methods. It checks closing share prices, dividends received from ASX and all mundane tasks of signing, scanning & mailing of audit report, Mgt. letter, engagement letter, Invoice & contravention reports etc. are automated with one click of a mouse. Embrace an efficient framework for high quality audits and conduct audits on a flawless workflow Management system.
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Update on Chrome issue affecting some of the software's functionalities 26-06-2019
Update on Google Chrome's latest update (version 75.0.3770.80) which is blocking some of the functionalities in our software.
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Latest Chrome update affecting software functionalities 11-06-2019
Google Chrome's latest update (version 75.0.3770.80) rolled out recently is blocking some of the functionalities in our software.
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OCR is now online - Free Webinar on 24th April 2019 17-04-2019
Under OCR technology a machine can find & display the document which contains a certain character, figure or a word. OCR technology will scan all the documents uploaded by the client and find the figures for you by creating an icon for you for each figure found and identify location of each document which contains the relevant figure - If the figure appears in more than one document, multiple icons will be created .... Free enhancement Webinar....
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Accounting Business Expo - Here is your free ticket 12-03-2019
Our Director Mr Manoj Abichandani will speaking at the Expo on 21st March at 3.50 PM on Can A Machine Audit An SMSF? Yes It Can!....
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Major enhancement to online software will be showcased in our next Seminar 03-03-2019
OCR - Optical Character Recognition is being introduced to online smsf audit. This is where the machine finds the various trial balance, dividends and other figures in the documents uploaded by the client...
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Only 6 spots left for our Seminar in Sydney Hilton on 12th Feb 2019 09-02-2019
SMSF Auditors spend too much time in financial audit and completing manual audit working papers, our online software does most of this work automatically & saves half your time as compared to traditional auditing methods. Learn how to use the software first hand....
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The way SMSF Audit is conducted is going to change in 2019 22-01-2019
The way SMSF Audit is conducted is going to change in 2019 and we will introduce these changes ...
Below are the Enhancements which you can learn in our Seminar
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Enhancement to audit software - Adding a staff member to the audit team 10-11-2018
November is unofficially the start of SMSF audit season, because by then, usually all ASX listed managed funds and unlisted managed funds have finalized and mailed their annual statements to SMSF Trustees and by end of October, accountants have more or less, done with individual income tax returns. This is also the time when SMSF auditors appoint new audit staff.
We have recently enhanced our audit software to make appointment of staff members on the online platform very easy....
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Date of Webinar changed - due to clash with Melbourne Cup 05-11-2018
What SMSF Auditors need to learn from Cam & Bear Pty Ltd Vs McGoldrick & Ryan Wealth Holdings Pty Ltd Vs Baumgartner - Date changed to next Tuesday - 13th November - as it clashed with Melbourne Cup....FREE WEBINAR
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What SMSF Auditors need to learn from Cam & Bear Pty Ltd Vs McGoldrick & Ryan Wealth Holdings Pty Ltd Vs Baumgartner 31-10-2018
Two SMSF auditors were taken to court and were found guilty of being negligent for non-recover ability of funds assets as they did not report adequate risk in investments to the trustees of the fund. We are offering a free webinar where we will examine two recent cases where ....
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Last chance to book for Seminar at Novotel - Parramatta - 9th October - 6 Hrs CPD in SMSF for $165 04-10-2018
We have 3 seats left in our Seminar on 9th October 2018 at Novotel - Parramatta. You get 6 Hrs of CPD in SMSF and 10 Audits on the online SMSF Audit platform for $165
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Dividends for financial year ended 30th June 2018 are now online - Free Webinar: Strategies to maximize exempt pension income under new rules 11-09-2018
We have uploaded Dividend declared by ASX listed companies on online SMSF Audit and Learn how to calculate ECPI from 1st July 2017
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Last Chance to book for 6 Hours of SMSF Audit CPD in Brisbane 30th Aug at Sheraton for $165 28-08-2018
Let us show you... How to reduce SMSF Audit time in half! Do more with less ...
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Submission to Treasury - three year SMSF audit cycle 26-08-2018
This announcement came a bit of a surprise for the SMSF industry, as the reason for this change given was "will reduce red tape for SMSF Trustees". What has perplexed the industry:
1) What are the benefits of a three year audit cycle;
2) Will a 3 year cycle reduce red tape or cause headaches to trustees;
3) Are Trustees willing to go over the Trauma of a "three year audit cycle";
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Last chance to book for SMSF Seminar - 6 Hrs CPD Hours in SMSF 22-08-2018
Learn How to Audit a SMSF in less than half the time - Seminar at Norwest on 23rd August 2018
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Become a member of SMSF Auditors Association of Australia Ltd 19-08-2018
SMSF auditors were not represented solely by any one professional body. Hence 5 SMSF auditors got together and set up a company limited by guarantee. SMSF Auditors Association offers the following benefits to its members
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Decision on the case Aussiegolfa Pty Ltd (Trustee) Vs FCT [2017] FCA 1525 on appeal was recently reversed - Seminar 15-08-2018
In this case, it was determined that the SMSF had breached the sole purpose test by letting the daughter of the SMSF trustee live in a student accommodation owned by the SMSF. On appeal this decision was reversed.
Your last chance
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Enhancement in text of Engagement letter & Trustee representation letter and other issues 06-08-2018
Subsequent to the decision on 23rd May 2018 in the case Cam & Bear Pty Ltd v McGoldrick [2016] NSWSC 1894, we have upgraded the following documents on our online SMSF audit software:
• Engagement Letter
• Trustee Representation Letter
• Auditors Management Letter to Trustees
to include clauses where SMSF auditor can safeguard against liability for loss of any investment by the trustee of SMSF. These new clauses restricts the scope of SMSF audit only to the statutory requirement and passes on the investment decisions and its recoverability to the SMSF Trustee ....
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Can an SMSF Auditor be responsible for SMSF Investment loss? Answer: YES 01-08-2018
In a recent case (Cam & Bear Pty Ltd Vs McGoldrick - NSW Court of Appeal) an SMSF auditor was found guilty of negligence, and misleading and deceptive conduct and this negligence was found to have caused a loss to the trustees of the fund.
Auditor was held responsible for 90% of the loss. The court found that the auditor was appointed "for the purpose of protecting the fund and its trustee against financial risks that included the very type of risk that eventuated".
If you are an SMSF auditor, this is a must attend webinar, where Manoj Abichandani will unmask the real issues of the case and what SMSF auditors should have to done to avoid any potential responsibility. Manoj will also discuss what SMSF auditors should do today to never find themselves in a similar position.
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Webinar on "How to audit a fund which has invested in Crypto Currency" 18-07-2018
We are offering two free webinars to our subscribers - you can claim 2 CPD hours in SMSF Audit. Downsizer Contributions and Audit of funds which have invested in Crypto Currencies.
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Progress on updating our checklist and new features added 03-06-2018
Any SMSF audit software is as good as its audit checklist. This means that if you are auditing a fund, the checklist should have the capability to test each and every transaction and compliance issue with the current law. Since January 2018, we have been reviewing our online checklist to make it compatible with the current law. The comparison is with
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Enhancement to Online SMSF Audit 06-03-2018
We have introduced a Tax Calculator to the online SMSF Audit - this function allows you to audit tax calculation of the funds income tax liability, please join for a 30 minute webinar to maximize your investment
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Enhancement to Online SMSF Audit - Automatic Tax Calculations 18-02-2018
The audit software can now calculate tax payable by the fund automatically, please try the beta version and provide your input in development of this feature..
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Enhancement to Online SMSF Audit Software 23-01-2018
We can now handle funds which you are no longer auditing, plus other minor enhancements.
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Webinar on LRBA In & Outs of Loan from a Related Party 06-12-2017
Few seats left for our Free Webinar LRBA - In & Outs of Loan from a Related Party
What is LRBA and a Related Party & Which Related Party should lend to a SMSF - Div 7A & Safe Harbour Rules
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We have added "Pension Agreements" which can be purchased online from within our SMSF audit software. The cost of the pension document is 21-11-2017
We have added "Pension Agreements" which can be purchased online from within our SMSF audit software. The cost of the pension document is
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ATO finalizes its position in relation to SMSF event-based reporting 09-11-2017
Implementation of SMSF event-based reporting from 1st July 2018 will be limited to those SMSFs with members with total superannuation account balances of $1 million or more.
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Enhancement to Online SMSF Audit - Tab A - Navigation and quicker uploads 08-11-2017
We have improved our Audit plan to include items from Australian Auditing standards. Other enhancements are Navigation of pages and quicker uploads.
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Valuation of non listed assets in light of CGT Relief and Balance Transfer Cap 24-10-2017
Valuation of non-listed assets for 30th June 2017 can be a double edged sword for SMSF's where the members age are close to pension phase or are already on pension and their balances are close to $1.6M, the amount which can move to retirement phase specially...
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Major enhancements to Online SMSF Audit - Webinar Today 17-10-2017
We have made some major enhancements to Online SMSF Audit. To explain these enhancements we are conducting a webinar.
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Major Enhancement to Software 09-10-2017
Major Enhancement to software
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Enhancement of Online SMSF Audit & Free Webinars 12-09-2017
Enhancement of Online SMSF Audit & Free Webinars
We are making major enhancements to the software and there will be regular updates and announcements and you will notice working papers will change progressively on the online software on regular basis.
Due to a request from an auditor, we have made a minor but a very interesting improvement to the online software.
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Enhancement to Audit Software & Free webinar 21-08-2017
We have enhanced our online software in the following areas:
1) Dividend details for 2017 financial year for ASX listed entities
2) Add Clients, Auditors & Staff
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Latest enhancement to Online SMSF Audit 07-08-2017
Latest enhancement to Online SMSF Audit
We have enhanced our online software in the following areas;
1) Added closing 30th June 2017 prices for ASX
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ATO releases new audit report for audit period starting on 1st July 2016 30-06-2017
ATO releases a new audit report for audit period starting on 1st July 2016 - tax deduction opportunity for audit expenses - Our Melbourne Seminar....
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You will need an Actuarial Certificate for financial year ended 30th June 2017 for funds which are 100% on pension phase and if one member balance is more than $1.6 Million 22-06-2017
Any member of an SMSF on pension above $1.6 million will have to commute the pension on 30th June 2017 or simply withdraw the money from the SMSF before 30th June 2017 as from 1st July 2017, the maximum amount you can have in retirement phase is $1.6 million which is the balance transfer cap for the financial year 2017 -18. But the question is "What are the steps you need to take to implement this new law?"
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Enhancement to Audit Software - Dashboard : Changing the Funds Address in Bulk 03-06-2017
If you want the funds address to be the same as the Accountants address, you can change address of one or all funds belonging to that particular accountant in bulk via this service, instead of editing address of each fund
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Do you Audit funds where members have more than $1.6 Million? 14-05-2017
Income on $1.6M assets in retirement phase will be allowed to claim exemption from tax from 1st July 2017, However if you have cleints who have more than $1.6M as on 30th June 2017 in their Pension account, they can make an election to claim CGT cost base relief (segregated and proportionate methods). Basically this relief is for
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CPD for changes in Superannuation Law from 1st July 2017 09-05-2017
Watch out for SMSF deeds which claim that they encompass all aspects of the new legislation as some of the reforms are not yet legislated. Such as in areas of TRIS, death benefits, reversionary pensions and LRBA etc
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Implications for the Auditor’s Report where Use of Going Concern Basis of Accounting is Inappropriate such as for an Self Managed Super Fund. 03-05-2017
General purpose financial reports are prepared using the going concern basis of accounting, unless management either intends to liquidate the entity or to cease operations, or has no realistic alternative but to do so. However, SMSF financial reports are special purpose reports and not general purpose financial reports.
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3 Seats left for Tonight's SMSF Norwest Discussion Group 26-04-2017
Next Discussion group meeting is on 26th April 2017 on "Pension changes from 1st July 2017" - Due to high demand, we have to change the Venue to Nexus Cafe' and can have another 3 people attending ...
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Norwest SMSF Discussion Group - 26th April 2017 04-04-2017
If breaches of new lelgislation go unreported and ATO picks them up in their data matching process, negligent auditors can lose their licence. Auditors will need to be more vigilant and alert while auditing and more importantly posses "expert knowledge" as they will be called, more often, for their "audit opinion" on situations beyond the comprehension of a part time SMSF accountant
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Norwest SMSF Discussion Group 28-03-2017
We will be holding CPD sessions in our office on invitation basis to local SMSF auditors on last Tuesday of every month - 1st event is tonight at 5.30 PM - we have two spots to fill
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Let us show you... How to reduce SMSF Audit time in half! - 4 CPD hours in SMSF Audit 28-02-2017
SMSF Auditors spend too much time in financial audit and completing manual audit working papers, our online software does most of this work automatically & saves half your time as compared to traditional auditing methods. Audit from anywhere, anytime from any device on your own website or by integrating with ours. Increase audit effectiveness, add value, reduce audit risk, drive SMSF compliance, revolutionize your business. Learn how...
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What is the maximum amount of contribution you can make in 2016/17 year 27-12-2016
There is confusion on the maximum amount of contribution you can make in 2016/17 year to a superannuation fund. Below is summary of changes to both concessional and non-concessional contributions.
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Enhancement to Online SMSF Audit - Import trial balance 20-12-2016
Enhancement to Online SMSF Audit - Import trial balance from BGL Simple Fund, Class, Sage Handi Super or any other accounting software
We have been working tirelessly for this latest enhancement which will drastically reduce your audit time and the way you audit funds
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Enhancements to our online Audit Software 02-12-2016
We have enhanced our online audit software and uploaded the changes on 1st December 2016.
Now you will be able to check the following from Tab A
1) Check whether the SMSF corporate trustee is registered with ASIC or no
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Prices going up from 1st Jan 2017 12-11-2016
Our price is going up from 1st Jan 2017, however you have an opportunity to purchase audit packs which will last you a few years...
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BGL Integration Video and Instruction Manual 12-11-2016
How to import fund details from BGL Simple Fund
How to import fund details from BGL 360
How to import trial balance and investment report from BGL 360 Watch video...
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Reminder: Free Webinar Today at 3 PM - We are pleased to announce that our integration with BGL 360 is now complete 10-11-2016
countants using BGL 360 will be able to simply give the auditor a token to import the investment report and trial balance into our software. Once the import is complete on the cloud, auditors will be able to view discrepancy report for ASX closing year end prices and all ASX listed securities divided and distribution income with just couple of clicks.
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BGL 29-10-2016
ATO has issued a new determination on 28th September 2016, TD 2016/16, where a related party loan to an SMSF under LRBA on certain terms can be considered at arm's length loan agreement. An auditor has to consider the terms of the loan and form an opinion if income earned from the underlying asset purchased from related party LRBA borrowing is ordinary income or non-arm's length income (NALI) under Section 295-550(1). We have added a few new checklist questions to the working papers to ensure that the SMSF auditor is making adequate checks to comply
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Review of SMSF auditor reporting forms for the 2015-16 year 15-07-2016
No changes have been made to the Independent auditor’s report (NAT 11466) and the Auditor/actuary contravention report (NAT 11239) by ATO. The forms on audit software remain current for the 2015-16 audit year.
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Purchase Audit Packs at CURRENT PRICES and claim a tax deduction in 2016 financial year 29-06-2016
775 SMSF Auditors are now using Online SMSF Audit, making it a widely used cloud based SMSF audit software in Australia. At the time of writing this blog 38,201 SMSF audits have been initiated on the online platform, no other online SMSF audit
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Know Our Offer – till 30th June 2016 and Last stage of Integration with www.trustdeed.com.au is live now 22-06-2016
You can now import SMSF establishment and deed of variation documents from trustdeed.com.au to onlinesmsfaudit.com.au under permanent documents while importing fund details like fund name, name and address of members etc. with a click. (data for about 30,000 + funds is available which can be imported)
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Latest enhancement to Online SMSF Audit tool for accountants and auditors 05-06-2016
New Templates added
For smooth administration and audit of funds, we have added 11 more templates as listed below which auditors and accountant’s can use. These templates can also be sent as an email to trustees from your account.
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Reminder for tomorrow's webinar: Latest Enhancements to Online SMSF Audit - Free Webinar on 24th May 23-05-2016
Latest Enhancements
We have made the following enhancements to the audit software:
1. Integration with trustdeed.com.au : You can now import fund details like fund name, name and address of members etc. from Trustdeed.com.au with a click
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Latest Enhancements to Online SMSF Audit - Free Webinar on 24th May
07-05-2016
Latest Enhancements
We have made the following enhancements to the audit software:
1. Integration with trustdeed.com.au : You can now import fund details like fund name, name and address of members etc. from Trustdeed.com.au with a click
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Let us show you... How to reduce SMSF Audit time in half! - 4 CPD hours in SMSF Audit 21-04-2016
SMSF Auditors spend too much time in financial audit and completing manual audit working papers, our online software does most of this work automatically & saves half your time as compared to traditional auditing methods. Audit from anywhere, anytime from any device on your own website or by integrating with ours. Increase audit effectiveness, add value, reduce audit risk, drive SMSF compliance, revolutionize your business. Learn how...
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New question added in Tab C - Balance Sheet regarding the terms of the loan as per the safe harbour rules of Practice Compliance Guidance 2016/5 21-04-2016
ATO has issued Practice Compliance Guidance 2016/5 and SMSF's who have borrowed from a related party need to look into their terms of the loan agreement. The ATO has said that they will not select an SMSF for an income tax review for the 2014-15 year or earlier years purely because the SMSF has entered into an LRBA. However, this is conditional on the SMSF trustee ensuring that any LRBAs that their fund has is on terms consistent with an arm’s length dealing by 30 June 2016 or, alternatively, is brought to an end by 30 June 2016.
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Server issue has been resolved. We appreciate your support! 20-04-2016
First of all, thank you for using our audit tool. It makes me happy that you have gotten value out of the software, and that you want to continue using it. We’ve worked really hard to build the best product out there for SMSF auditors.
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Sorry for the inconvenience! 19-04-2016
We are experiencing some technical issues with the server since this morning. Few registered auditors have reported issues like downloading the documents. Our IT team has started working on it and investigating the problems. We will certainly try to fix it up ASAP.
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Have you noticed that you can enter Trial Balance in TAB B 10-03-2016
Free webinar today at 2 PM (say for 30 minutes) where we will show you how our recent enhancement can make your Audit work quicker and better.
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Australia’s best online SMSF Audit Software just got better 01-03-2016
Since last month we have noticed higher activity in SMSF audits. At the time of writing this email 29,934 audits have been initiated on the online SMSF audit tool of which 3,266 were initiated from 11th Jan 2016, including 663 audits completed in the week ended 29 February 2016 which was the last day to lodge returns for funds created in year ended 30th June 2005, including 114 audits which were
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News: Online SMSF Audit announces Actuarial Certificates for SMSF’s for $55. 10-01-2016
In a media release by Deed Dot Com dot Au Pty Ltd owners of www.onlinesmsfaudit.com.au announced that accountants using the online audit software will be able to order an Actuarial Certificates from their online audit platform for $55 for their SMSF clients. This cost savings is a direct result of innovation in technology by the company and will have digital disruption effect
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Infrastructure as a Service... 31-12-2015
Understanding & implementing cloud computing can be beneficial for an accounting practice as it makes certain manual processes and actions redundant. For an accounting practice, it is very important not only to understand this new technology, but
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Season’s Greetings 18-12-2015
From all the team at Online SMSF Audit we thank you for helping to make 2015 a great year. We wish you all the best for a happy and safe holiday period, and look forward to working with you again in 2016.
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Let us show you... How to reduce SMSF Audit time in half! - Valuable SMSF Audit 3 CPD Hours 19-11-2015
SMSF Auditors spend too much time in financial audit and completing manual audit working papers, our online software does most of this work automatically & saves half your time as compared to traditional auditing methods. Audit from anywhere, anytime from any device on your own website or by integrating with ours. Increase audit effectiveness, add value, reduce audit risk, drive SMSF compliance, revolutionize your business. Learn how...
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Limited Licence Authority for Accountants for almost no cost & SMSF Summer School 27-10-2015
If you are a practicing accountant and a member of IPA / CA or CPA and have 100 Self Managed Super Funds which you look after - we have some good news for you.
www.smsffs.com.au has declared their intention to enter this space and have a limited licence authority to offer for almost no cost to you.
They have three sessions on 24th, 25th & 26th November and invite you to lunch at 12.30 PM to 2 PM.
In this lunch session, they will explain what all the “hu-ha” is about licensing accountants...
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AUASB issues revised Guidance Statement GS 009 06-10-2015
The AUASB has released an updated Guidance Statement GS 009 Auditing Self-Managed Superannuation Funds. The revised Guidance Statement identifies, clarifies and summarises the existing responsibilities which approved ..
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We admit that we have been quiet for a while, but it is for a reason. 03-10-2015
We like to share some news with you. Move to Sydney City, CPD in SMSF, Free webinars, Integration of BGL 360 etc
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Interesting June 2015 SMSF data released by ATO and How to audit collectables in your SMSF 23-09-2015
June 2015 data has been published by ATO, our summary of state of play and relevant data
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Optimization of Landing Page – SMSF Audit Manager Page - Enhancements to SMSF Audit software 29-08-2015
In line with our commitment to improve your user experience, we have made the following enhancements to the audit software:
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ONLINE SMSF AUDIT - Mini Sale 20-08-2015
Online SMSF Audit would like to reward you for being a valued member.
We are glad to inform you that there is some great offer available for you at the moment.
When you buy an audit pack of 100 funds for $1320 from onlinesmsfaudit.com.au, you will get the following which is valued $845 plus 7.5 CPD hours.
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Enhancement to Online SMSF Audit and related issues 16-08-2015
Adelaide auditor gets 5 audits by advertising on our website – 2015 ASX dividends uploaded – Add a fund page simplified - Technical Videos now online – Free weekly webinars commenced – Enhancement webinar & Training Videos now online – Seminar early bird extended only for clients.
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SMSF School Spring Seminar 25th Aug - Parramatta Novotel, 27th Aug - Melbourne Stamford Plaza 3rd Sept – Hilton Sydney CBD 09-08-2015
• Comprehensive Notes: Notes & presentation slides which are provided will become your essential tools to learn the various topics discussed. They contain practical examples, tables and most relevant tax thresholds.
• Full day catering including morning & afternoon tea and Lunch will be provided to all attendees.
• CPD Points: The seminar will provide 7.5 CPD points.
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Recording of our webinar “Responsibilities of a Company Director under Corporations Act 2001” on 5th August is now available online 06-08-2015
We received some emails from those who registered for our technical webinar yesterday that they could not log in to the webinar page. We received 239 registrations and were told that only the first 100 registrations could go online
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SMSF Technical Seminar for FREE at IPA and CPA offices 04-08-2015
Our SMSF Technical Director Manoj Abichandani SSA, SSAud, would be presenting on "SMSF Contraventions which Trustees must avoid" addressing to the IPA & SMSF CPA Discussion Group. First 15 responding are invited to attend for free.
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Register for one of our free Technical Webinars 01-08-2015
Each month our team of highly qualified experts present a number of technical webinars, free of charge, for our clients. These webinars are current and relevant to running a successful practice and provide you with practical knowledge which you can apply to your client situation &
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SMSF School Spring Seminar
25th Aug - Parramatta Novotel,
27th Aug - Melbourne Stamford Plaza
3rd Sept – Hilton Sydney CBD
28-07-2015
We have made enhancements to the following documents and to audit working papers of the system:
1. Auditors engagement Letter
2. Trustee Representation Letter
3. Tab A “Scope of Audit”
4. Tab G “Compliance Audit”
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Online SMSF Audit is now fully compatible to the 2015 version of the ATO audit report. 21-07-2015
We have made enhancements to the following documents and to audit working papers of the system:
1. Auditors engagement Letter
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Our SMSF Technical Director Manoj Abichandani would be speaking today on "SMSF Contraventions which Trustees must avoid" - SMSF CPA Discussion Group Today at 6.00 PM at CPA Australia Office in Sydney 15-07-2015
Our SMSF Technical Director Manoj Abichandani SSA, SSAud, would be speaking today, 6.00 PM, 15th July 2015, Wednesday at the CPA office in Sydney city on "SMSF Contraventions which Trustees must avoid" addressing the SMSF CPA Discussion Group
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How to check closing share prices of a fund in Zero time. 09-07-2015
We have uploaded 30th June 2015 ASX listed shares and Unit prices on live server.
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Enhancements to the online audit software - July 2015 06-07-2015
We have uploaded the below enhancements to the online audit software on the live server. A free webinar has been organized on Friday, 10th July 2015 at 11 am and 3 pm. To attend this webinar, please visit
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New Audit Report for periods starting after 1st July 2014 05-07-2015
The ATO has updated NAT 11466 SMSF Independent Auditors Report in June 2015. This approved form is effective for reporting periods starting on or after 1 July 2014.
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A sneak peek of some of the material that will be presented as part of Nathan’s presentation at the SMSF Schools Winter series 2015 23-05-2015
The in-house rules are arguably the most important rules for SMSF trustees and
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FREE Webinar: How to Audit an SMSF Online - In less than half the time to traditional Auditing styles - 3 PM today 20-05-2015
In this webinar of 30 minutes, you will learn how to audit an SMSF Online
- Key features of the online audit tool
- From set up of your account to issue audit reports for funds online
- How to collaborate with Accountants and Trustees
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Learn how to audit SMSF online - this webinar is for ASIC approved SMSF Auditors who want to audit a SMSF in less than half the time it 15-05-2015
Learn how to audit SMSF online - this webinar is for ASIC approved SMSF Auditors who want to audit a SMSF in less than half the time it takes to audit a fund by traditional methods.
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Missed our recent Enhancements to Online SMSF Audit webinar- Watch it on Youtube 07-05-2015
We are bringing major enhancements to our audit tool to make your audit process easier and quicker.
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Free Webinar - Enhancement to online smsf audit 05-05-2015
New web design with training / enhancement videos & New letter head Style - New Audit tool box in Audit page for the fund - Set up automated email advice to accountant when audit of fund has completed
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Latest Enhancements to Online SMSF Audit is now on You Tube 11-03-2015
We now have a You Tube Channel where you can view all our enhancement webinars which
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Free Webinar - Enhancement to online smsf audit 10-03-2015
If you have missed our morning session, next webinar is at 3.30 PM Today - link to register for the seminar
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Reminder - Webinar on Enhancements - Today at 11.30 am and 3.30 PM 10-03-2015
We have made some enhancements to the online audit tool relating to
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Online SMSF Audit .com.au - Enhancement to Audit Tool – Free Webinar 04-03-2015
Free webinar - to show you the enhancements is on Tuesday 10th March at 11.30 am and 3.30 pm. Please register for the time that works best for you.
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ONLINE SMSF AUDIT - Mini Sale 18-02-2015
Invitation to take up our special offer to our registered users and valued customers.
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Reminder: Webinar today at 3.00 PM AEST 22nd Jan 2015 - Presented By Manoj Abichandani 22-01-2015
Enhancements to Online SMSF Audit Software - Presented By Manoj Abichandani
Jan 22, 2015 Thursday at
Seminar will commence at 3 PM AEST for 30 minutes
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Reminder : Webinar to show you the latest enhancements. 21-01-2015
Webinar to show you the enhancement
Details on how to register for the webinar:
Enhancements to Online SMSF Audit Software
Jan 22, 2015 Thursday at 11:00 AMN - 1130AM &
3.00 PM -3.30 PM AEST.
Register now by clicking below
https://attendee.gotowebinar.com/register/1035647958107074561
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Enhancement to security on uploading documents 17-01-2015
Security of your SMSF audit is very important to us. When you log in to our system by using your user name and password, the system authenticates the connection with you and creates a log file. For key exchange mechanism we use AES_128_CBC. The Advanced Encryption Standard (AES) is a specification for the encryption of electronic data established by the U.S. National Institute of Standards and Technology (NIST) in 2001. AES has been adopted by the US government and is
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Enhancements made on 25th December 2014. 26-12-2014
1) Permanent Documents & Yearly Audit Evidence
Accountants and Trustees can upload permanent documents and audit evidence for auditors. When auditors commence an audit from the Audit Manager Page, they complete working papers of the fund, where they scope
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Latest enhancement for Accountants and Auditors 14-12-2014
The following are latest enhancements uploaded on the system as on 14th December 2014.
1) Edit button for accountant for a fund added by an auditor:
Earlier if a SMSF Partner or auditor added a fund to the system, corresponding accountant could not edit that fund. This control was put as a security measure.
However we have noticed that many accountants want to edit the fund after it has been added by the SMSF partner or auditor for the following reasons:
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Accountants Practice Manager goes online. 22-11-2014
As of today, our online audit portal stats are; 1401 audits in the past 30 days by 87 SMSF auditors and 5875 audits since 1st July 2014 by 343 SMSF auditors. These figures may look impressive but a few auditors, using the online portal, informed us sometime at the end of the last financial year that many of their referring accountants are still reluctant to engage with them online and ...
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Enhancement up to 14th November 2014 & Mini Sale ending tomorrow 14-11-2014
Below are two enhancements implemented this week :-
1) NEW LOGIN PAGE
Many of our regular auditors do not like to listen to Mike (The model who talks on the home page) every time they land on our home page to login. Hence we have moved the log in to another page, all you have to do is click on the log in icon and the browser will take you to a secured SSL page (with a lock) where you can
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SMSF ASIC approved Auditors, are you looking for cheap and good audit staff? 05-11-2014
Since January 2014, we have been training audit staff to audit on the portal in our Indian office, where we have our IT staff. This service was commenced to help a friend who is an ASIC approved auditor and not as a profit centre. The staff came to us with over 3 years experience in preparing SMSF accounts on software like BGL and Class for another Indian outsourcing business.
What is the offer?
Our audit team of 8 auditors are accounting graduates trained on SMSF and have audited more than 1200 funds since Jan 2014. They can be appointed by you as your audit staff. They are a proven solution of getting the 90% to 95% of the top class audit assignment done at a reasonable price which is simply not achieve able in Australia.
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Online SMSF Audit – Mini Sale: Offer Extended due to great response 03-11-2014
Thanks for an overwhelming response to our current offer "Online SMSF Audit - Mini Sale". Originally, the offer was only available until 31st October. However, Due to the great response and ongoing demand, we are excited to inform you that we have decided to extend the offer until 15th November. This means that the ones who missed the opportunity initially, will now be able to take it until 15th November.
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Online SMSF Audit – Mini Sale & Latest Enhancements 29-10-2014
Purchase a 100 audit pack @ $12 + gst per fund before 31st October 2014 to receive 1 ticket valued at $770 plus 7.5 CPD hours. Purchase a 200 pack @$9 per fund +GST to receive 2 tickets & 300 audit Pack @ $7 per fund + GST to receive 3 tickets. 1 ticket gives you the following worth $770:--
• One delegate to attend one of our Summer Seminar worth $330 A panel of industry experts moderated by Manoj Abichandani; Our speakers include Mark Wilkinson, Peter Bobbin, Sharif Eldebs, Deanne Firth.
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SMSF Strategies- 2014 Summer Series Seminar 14-10-2014
Online SMSF Audit is coming up with another popular seminar this November. Given the great response we received on our previous seminars it is expected that the seats for the November seminar will be booked quickly. We already have some of the industry's highly acclaimed professionals on board.
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Online auditing tool is getting a look and feel of auditing software. 07-10-2014
Online auditing tool is getting a look and feel of auditing software.
You must have noticed that we have changed buttons to icons on some screens, this is to make the software look like an application. We are currently working on
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Dividends Checking Automated - Currently working on BGL integration 21-09-2014
Online SMSF audit will now be able to audit dividend income of the fund independently & automatically without going into financial aspect of each dividend statement and comparing it with each dividend statement.
We are currently working with BGL to integrate our website with them. Many aspects of financial audit will be integrated, including tables of assets such as shares and income & expenses with discrepancies with the independent ASX valuation and verification which are already on the system.
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Be a better Auditor – You have the knowledge and now you have the tools 09-09-2014
Be a better Auditor – You have the knowledge and now you have the tools
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Tools are stuff which helps you to do things faster. That is why we have created Audit Tools for all audit engagement team
21-08-2014
Tools are stuff which helps you to do things faster. That is why we have created Audit Tools for all audit engagement team
Once you commence an audit of a fund – on the left above all permanent documents
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Our Audit tool just got SMARTER 10-08-2014
We have inserted a new section of AUDIT TOOLS on the audit page to give you access to few vital functionalities just a click away.
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Digital Stamping of Audit Evidence now possible, changes in invoice and upcoming Advanced strategy seminar on SMSF 29-07-2014
The auditing standards require that the auditor to mark the audit evidence to signify that the evidence has been audited / verified by the engagement staff.
The good news is that this marking is now possible digitally. We have created 4 stamps which you can use at the time of substantive testing of self managed super funds. These stamps will put a mark on any PDF or word file of the audit evidence
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30 June 2014 closing share price are now available on the website 25-07-2014
We have uploaded share and unit prices for 30 June 2014 on the website. Our system automatically shows year end price , security name ,security type when the auditor enters ASX Code of a listed security. You are required to enter only the number of shares in relation to a particular security and the system will show aggregate amount of investment in listed securities.
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Our website is now upgraded to incorporate Audit Report 2014 10-07-2014
Changes that are reflected in revised audit report 2014 are mentioned below:
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Latest enhancements to Online SMSF Audit tool in June 2014 for auditors and accountants 09-07-2014
Australia’s first cloud based SMSF audit software is becoming more popular with each passing day. We are making every possible effort to meet the requirements of each auditor.
Below are few enhancements that we have made in June and many more will come in future including stamping of documents.
We are also running another series of seminars in September. Please find the details below or at https://www.onlinesmsfaudit.com.au/SeminarBooking.aspx
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Purchase Audit Packs for a tax deduction 30-06-2014
Purchase Audit Packs for a tax deduction, you will be able to pay us and claim a tax deduction
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ATO Penalties for Self-Managed Super Funds 26-06-2014
The ATO has introduced new penalty powers which it can impose on you if your fund breaks certain superannuation rules.
The new rules apply from 1 July this year and allow the ATO to fine you and require you to rectify the mistake that has been made. They can also direct you to take further education on self-managed superannuation funds if they are not satisfied you understand your role as trustee of your self-managed fund.
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Why is a special purpose company used as trustee of Self Managed Super Fund 17-06-2014
Sometimes members prefer to manage their super fund by a company which acts as trustee of their Self Managed Super Fund (SMSF). When a company acts as a trustee of a SMSF then the constitution of the company must be drafted in such a way that it is categorized as a “Special Purpose Company”.
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Low number of audits and low cost audits to be targeted by ATO 16-06-2014
From July 1, the tax office will be able to impose a range of fines up to $10,200 to SMSF who have breached the SIS Act and Regulations
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Enhancements to Online SMSF Audit tool in May 2014 for auditors and accountants 30-05-2014
Australia’s first cloud based auditing software has become better. Below is the list of enhancements in the month of May 2014. We have over 40 suggestions which we are currently working on to make life of SMSF auditors easy.
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Super Stream Delayed for another year 28-05-2014
Treasury has given Australian Prudential Regulation Authority (APRA)-regulated superannuation funds an extension for the implementation of the Super Stream contributions data standards from 2 November 2014 to 1 July 2015
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Certain SMSF arrangements to acquire property may contravene super law 26-05-2014
Some property investment arrangements not complying with super law can cause problems for SMSFs. ATO has started giving warnings to stop certain arrangements, entered into by SMSFs to acquire property, that do not comply with super law.
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Property development in SMSFs 14-05-2014
Property is becoming popular investment choice in the SMSF sector and is gathering momentum. Whether the SMSF can be in the business of developing property is one of the issues that have long been debated.
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Latest enhancements to online SMSF audit tool in April for auditors and accountants 30-04-2014
The website was officially launched on 16th September 2013.
As at 28th April 2014, we had registered 443 auditors using the website and 4217 audits have already been completed on the system. 32 Auditors have integrated their website with our website, where users come to your website instead of ours, to learn more about website integration visit https://www.onlinesmsfaudit.com.au/WebsiteIntegration.aspx
A: ENHANCEMENTS TO OUTSIDE PAGES
Registration Page
We have made registration page very easy to follow and have added 4 new letter head Styles. We intend to have 20 letterheads, if you do not like any of the 7 letter heads on the website, please send your letterhead to sales@onlinesmsfaudit.com.au
Knowledge Base
Inserted relevant Australian Auditing Standards relevant to audit of SMSF and relevant ATO documents for your easy reference.
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Latest enhancements to online SMSF audit tool for accountants and auditors 09-04-2014
The website was officially launched on 16th September 2013. As at 24th February 2014, we had registered 362 auditors and 2873 audits had already been completed on the system.
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Enhancement to Online SMSF Audit Tool 01-02-2014
Saving Your Work in Audit Working Papers
Many auditors using our online audit program do not complete an audit of a fund in one continues span of time – the audit is usually broken in several login’s which can spread into several days. To cater to this requirement, we have added functionality to save work in progress.
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Quiz : Is this fund in 100% pension phase and no Actuarial Certificate is required. 28-01-2014
Audits of SMSF are not easy and when the fund is paying a pension, an auditor has to ensure that correct Exempt Pension Income deduction is claimed by the fund.
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CRIME AND PUNISHMENT: A SUMMER REFERENCE GUIDE TO SMSF AUDIT PROBLEM AREAS 27-01-2014
If you haven’t yet chosen a paperback to take to the beach this summer, we suggest reading the following ‘refresher guide’ to the main areas that cause the most grief when it comes time to get SMSF clients through the audit process. We’ve included relevant sections of the SIS Act if you want some further ‘lite’ reading material
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‘TIS (STILL) THE SEASON TO BE JOLLY AUDITING 18-01-2014
New year not, the ATO’s focus for 2013-14 remains on SMSF auditors, so here’s our guide to making sure Santa’s helpers in the tax office think you’re nice, not naughty for Christmas in 2014 year.
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Enhancement to Online SMSF Audit 27-12-2013
The following enhancements to the online program were added today (27th December 2013)
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SMSF TRUSTEES AND DISQUALIFIED PERSONS 05-11-2013
SMSF TRUSTEES AND DISQUALIFIED PERSONS
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Excess Contributions Tax - Applying for Excess contributions to be disregarded or allocated to another income year. 16-10-2013
ECT & Commissioner's Determination
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Can you Audit an SMSF? 11-10-2013
An SMSF Auditor must be registered as an approved SMSF Auditor with the Australian Securities & Investments Commission (ASIC). The auditor, once approved by ASIC will be issued with an SMSF Auditor Number (SAN).
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