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FREE WEBINAR New Guidelines from ATO on Investment Strategy
The ATO has issued new guidelines on how an Investment Strategy (IS) should look like Including 1) IS should be in writing and reviewed regularly; 2) IS should be tailored to the members of fund and consider their ages, cash requirement are as per their pensions; 3) Concentration of one asset class is fine, however IS should clearly state how limited diversification is suitable to members; 4) IS must detail how borrowing will help the fund's investment objective. Please note that 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 the trustees 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 if you are an auditor, what are the items you must check are included in an Investment strategy of the fund you are auditing. A sample investment strategy will be handed out and discussed how it ticks all the boxes and requirements of the ATO's new guideline. Who must Attend: Accountants / Advisors / SMSF Auditors
FREE Webinar
Time: 11.30 AM to 12.30 PM Cost: Free How To Book: https://www.onlinesmsfaudit.com.au/BookWebinar.aspx CPD RG243.100: Development on Superannuation - 1 Hour CPD FASEA: Client Care and Practice - 1 Hour Presenter: Manoj Abichandani ASIC Approved Auditor, SMSF Specialist (UNSW) Manoj has worked in SMSF since 1988 and is SMSF Specialist (UNSW) and holds a Limited AFSL for SMSF. He was providing high level advisory services to over 600 funds in his own 3 partner CPA tax practice for 19 years and has written this online software. He currently works as SMSF Technical Support Team Leader at www.trustdeed.com.au He has hands on knowledge on what happens in a tax practice on high level of SMSF practical issues.
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Once you register, you get to use the software for free for 5 SMSF's - Try before you buy. The fee to audit one fund is $17 plus GST or can be $7 plus GST, per fund if you buy 2,000 audit pack.
Click here to download list of features and brochure of online SMSF Audit Click here to start your free trial for 5 funds
We recommend that you join SMSF Auditors Association of Australia LTD which offers 20 hours of Annual CPD via 20 online webinars for a low fee of $240 + GST. To Join visit www.smsfaaa.com.au
How CPD Works ASIC Approved SMSF Auditors Section 128F(a) of SIS Act : An approved SMSF Auditor must: (a) complete the continuing professional development requirements prescribed by the regulation. SIS Reg 9A.04 : (2) The approved SMSF auditor must undertake at least 120 hours of continuing professional development every 3 years. (3) The development must: (a) include 30 hours of development about superannuation at least 8 hours of which is development about auditing of self managed superannuation funds; and (b) be development that could reasonably be expected to enhance an approved SMSF auditor's technical skills or professional service delivery.
AFSL Holders - FASEA Requirements The Corporations Act 2017 (the Act) requires that all individuals identified as a ‘relevant provider’ are required to meet the requirements for continuing professional development set by the Standards Body (s 921B(5)). The Act requires the Standards Body to set requirements for continuing professional development in relation to each CPD year of a financial services licensee (s 921U(2)(iv)). Part 7.6 of theCorporations Act 2001 Corporations (Relevant Providers Continuing Professional Development Standard) Determination 2018 The minimum number of hours of qualifying CPD activities that a relevant provider must complete during a CPD year is 40. If the relevant provider has a responsible licensee, at least 70% of the minimum number of hours must be spent on qualifying CPD activities approved by the licensee. Note 1: This means that any AFSL holder working full time at least 28 hours will have to be spent on approved activities.
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