Investment Strategy Puzzle

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 sent and secondly why these letters were sent to only to about 18,000 funds, where about 1/3rd of all funds invest in single asset class, e.g. shares or say fixed interest or property etc.

And lastly, how should they prepare an investment strategy for the fund or audit investment strategy for 2019 financial year as the ATO did not provide any clear guideline nor there is any clarity on investment strategy in SMSF Guidance Statement for SMSF's GS 009.

Trustees are also worried on two accounts, firstly will they have to pay a fine if they have only one asset or one asset class and will have to diversifying to 89%, or lower, in one asset class to remove them from the ATO's radar.

In his presentation, Manoj Abichandani, on 10th October 2019 at Parkview Hotel, St. Kilda Melbourne, will unmask, why these letters were sent, the current practice by accountants and auditors and what must happen, so that Trustees do not pay any fines and Accountants & Auditors to not breach superannuation law.

If you or your client have received this 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 template & minutes to document & adopt the investment strategy.

Seminar 10th Oct. 2019 Melbourne Parkview St. Kilda  -   9 Seats Left - 6 CPD Hrs

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08.30 AM   Registration

09.00 AM   How to complete an Audit in half the time - Manoj Abichandani | SMSF Technical Director | Deed Dot Com

11.00 AM    Morning Tea

11.30 AM    How to complete an Audit in half the time - Manoj Abichandani | SMSF Technical Director | Deed Dot Com

01.00 PM    Lunch

02.00 PM   Finalizing Audit online and lodging ACR to ATO

03.00 PM   Technical Session - Manoj Abichandani - Investment Strategy - what Auditors need to do 

04.00 PM  Seminar Close

Cost: $165 (Includes 6 CPD Hours and 10 Free audits on onlinesmsfaudit.com.au only for new users - Value $187)  

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Mr Manoj Abichandani

SMSF Technical Director | trustdeed.com.au

Manoj has worked in SMSF since 1988 and is SMSF Specialist (UNSW). 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.

Let us show you...

How to reduce SMSF Audit time in half!

Do more with less ...

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Topics

Technical Session: How to Audit Funds who have not Diversified 

Audit Tool: Do more with less time using an Online Audit Program

Introduction/Overview

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. Achieve peace of mind & confidence of knowing that you are using a completely up-to-date online checklist and cloud process to deliver a robust, hassle free top quality SMSF audit. Improve communication with accountants & trustees.

Manage 20 or 2000 audits by streamlining workflow from our smart Audit Manager & establish seamless communication between all parties. Our online SMSF audit system is the only tool which can deliver reliability, speed and volume and ultimately profits for your business at a fraction of the cost.

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Benefits/learning outcomes

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, revolutionise your business. Included in the fee is an account to audit 10 SMSF on the online platform worth $187 and Lunch. Those auditors who are already using the online software will benefit by learning new shortcuts and other advanced features of the online software. 

Recommended For

All SMSF ASIC approved auditors.

CPD Hours

2 Hours CPD in Superannuation and 4 Hours CPD on auditing SMSF's Total 6 CPD hours under self assessment method under RG 243.88 - 90 and SISA 128Q and SISR 9.04

FASEA Allocation: Technical Competence

RG 243.89 You will need to complete 120 hours of CPD over each three-year period, which must include 30 hours of development on superannuation and at least 8 hours of development on auditing SMSFs.

SISR 9A.04 (3) (b) be development that could reasonably be expected to enhance an approved SMSF auditor's technical skills or professional service delivery.

Attendee Requirements

Attendees may bring their own Laptops / Ipads for a better understanding - although some attendees may get more from the workshop by looking at the facilitators screen