onlineSMSFaudit .com.au  e-newsletter

Are you under pressure to meet SMSF Audit 15th May and 5th June deadlines?

If Yes, we have a simple solution for you. Read below:

• We offer SMSF Auditors Staff (they cannot finalize audit) from India, who will do the grunt work for you - which means 100% of the financial audit and 95% of the compliance audit for you as your staff members.

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• Cost : Two tier system $110 Incl. GST for all funds and $125 Incl. GST for complicated funds. We execute a simple three page contract with you and you supply us your credit card authority.

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• You will have to add our staff members as your staff members under your profile with an IP address lock in - which means that they access your clients data only from a secured office from a designated computer machine which has no USB drives or copying mechanism.

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• We are currently auditing over 2,000 funds for 8 Australian SMSF Auditors. The staff member will complete the audit and their supervisor will review their work.

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• Supervisor is a qualified Chartered Accountant of India and Australia (one page resume will be provided) - who has been working on Australian SMSF's for the last 11 years.

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• If the supervisor has any issues on any complex SMSF audit matter - he consults with our SMSF training officer Manoj Abichandani who has over 30 years of experience in SMSF audits - this is a free service to you.

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• Direct email / skype / phone access will be provided for the staff and the supervisor for day to day work.

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• Your responsibility will be to upload all audit documents for the staff member and allocate the fund to them and add the fund name on a spreadsheet and email it to them - this will trigger the commencement of audit in India. The supervisor will email you daily the progress of each audit to you on the same spreadsheet.

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• When the supervisor comments "Complete" on the spreadsheet  - you will log in the audit software - see the work done and complete the audit / discuss on skype on any major concerns with the supervisor etc.. click one button and issue the audit report.

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• Remove (de-allocated them) the staff members from the funds, so that they cannot access the funds when they log in next. 

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• After the end of the month the supervisor sends us the number of funds completed in the previous month - we send you an invoice - you confirm the number of funds to us and we debit your credit card based on the authority provided in the contract.

If you are interested in our offer - please contact Agni (agni@trustdeed.com.au) or Jafri (jafri@trustdeed.com.au) of our office on phone 02 96844199 - they will arrange audit of free 2 sample funds for you as a trial. Offer the names and phone numbers  of  8 SMSF Auditors who are using our services to determine the quality of our work.

We can start helping you from today - call Jafri on 02 9684 4199

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 &  budget 2017 announcements such as contributions of $300,000 by retirees to downsize and withdrawal of $30,000 by first home buyers etc.

Superannuation legislation affecting SMSF is changing from 1st July 2017. Some Trustees may be taking some action to counter these changes during the pre- commencement period which is from the date of announcement 9th November 2016 to 30th June 2017.

Our roll out plan is as follows:

• Make amendments to our online audit software working papers & checklist from 1st July 2017 for the financial year ended 30th June 2017. Information of what changes we have made will be announced early in July 2017.

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• We are working with our solicitors to update our SMSF trust deed on www.trustdeed.com.au and on www.smsfdeed.com.au. Please watch out for deeds which claim that they encompass all aspects of the 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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• Run free webinars to bring your knowledge up to date. First of these free webinars is on May 18th 2017 at 2.15 PM on the following issues
  • New $1.6M transfer balance cap and excess transfer balance penalties
  • CGT cost base relief (segregated and proportionate methods) 
  • TRIS issues and removal of tax benefits and Lump sums and minimum pension requirements 
  • Internal commutations and key issues, actions and strategies pre 30 June 2017

Visit for booking:       https://www.onlinesmsfaudit.com.au/BookWebinar.aspx

• Run face to face discussion groups - see below for information on our next session on 30th May 2017 in Norwest

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• Update content of our monthly software training session to include changes on how to audit funds which get affected with the new legislation - mainly pension funds and how to tackle / implement / audit TRIS conversions / CGT relief / Balance Transfer Cap etc. Our next session is on 8th June 2017, see below for more information

All information and webinars will be recorded for future downloads and staff training etc for free - there is no need to spend thousands of dollars in training - all our training will be of the highest quality and will come with claimable CPD and with an SMSF auditors angle to it. 

All new changes are very complex, we highly recommend that you stay connected with us and use our SMSF audit checklist for a complying SMSF audit checklist from 1st July 2017 and ensure that your audit quality is not compromised.

Norwest SMSF Discussion Group

April 2017 Discussion Group 

April meeting was held on 26th April and was attended by 34 SMSF professionals (mostly ASIC approved SMSF Auditors)

- click here to download presentation by Manoj Abichandani on pension rules from 1st July 2017

- click here to download presentation by Fred Walker on balance transfer cap from 1st July 2017

 

Next Seminar is on  30th May 2017 Wedneday - 5.30 PM to 7.30 PM 

Next Discussion group meeting is on 30th May 2017 on "Estate Planning 101" from 1st July 2017"

Click here to see in detail what will be discussed in the meeting.

Introduction

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 (someone who administers less than 50 funds). These enquiries are likely to make the auditors role challenging & offcourse interesting.

Continuing professional development

There are very few SMSF auditor focused sessions on the new changes or seminars where auditors can update their knowledge. The challenge of new legislation is in the detail and many presentations are able to only scratch the surface.

Further, there is a Continuing professional development requirements that an approved SMSF auditor must complete, which is at least 120 hours of continuing professional development (CPD) training every three years, which must include 30 hours of training on superannuation of which at least 8 hours of training is about auditing of SMSFs. Time spent in this discussion group should be eligible for 1.5 hours in SMSF Audit under the self assessment method.

 

SMSF Auditors Discussion Group

CPD sessions in our office are on invitation basis on last Tuesday of every month. We send invitation to only ASIC approved SMSF Auditors  in Bella Vista / Norwest Business Park and near by areas, we are delighted to invite you to the discussion group.

 

Date: 30th May 2017 - Tuesday 

 

Agenda

5.30 PM   Registration & Welcome Refreshments

6.00 PM   Class Estate Planning 101 from 1st July 2017 - Speaker; Mr Manoj Abichandani

6.45 PM:   Questions and Discussion on Estate Planning 

7.00 PM   Discussion: Changes to the requirements for obtaining an actuarial certificate

7.30 PM   Close of Meeting

 

Venue: Nexus Cafe' Shop 1, 4 Columbia Court Baulkham Hills - Norwest Business Park 

Cost:   $25 (To Cover Refreshments & Room Hire Cost)

How to Register: www.onlinesmsfaudit.com.au/SeminarBooking.aspx

 

Seating: Maximum 40 - if you are interested in the topic, book as soon as possible.

Topic: Estate Planning 101

One of the greatest changes under the new super laws is arguably how transfer balance cap effects the payment of death benefits to spouses. This is because many members who exceed the cap can longer simply pay all of their death benefits to their spouse in the form of the pension. This means that careful planning is now required for members affected, or potentially affected, by the cap. 

1.How the transfer balance cap works for death benefits?

2.Death benefit pensions vs reversionary pensions under the cap

3. When should existing pensions be converted into automatically reversionary pensions?

4.Dealing with the liquidity crunch on the death of the first spouse including in-specie death benefit payments

5.Implications for estate planning for TRISs

6. Child pensions – an opportunity or a trap?

7.Key issues, actions and strategies pre 30 June 2017

 

Speakers:

Manoj Abichandani SMSF Specialist (UNSW)

Manoj has been working in SMSF Space since 1988 in various capacities. Earlier he worked for a Specialist CPA firm as an advisor / accountant where he was responsible for 600 SMSF's funds, later he set up an audit firm where over 2,500 funds were audited each year which helped him to write Australia's first online audit software. At the time of writing over 58,000 funds have been audited on the online software and is the only online SMSF audit software where an SMSF auditor can save half his audit time.

Audit SMSF in Half Time - using our online Audit Tool

Register and Trial Audit 2 Funds for Free  

Let us show you...

How to reduce SMSF Audit time in half!

Do more with less ...

Australia’s first online SMSF Audit Software – Fully Automated Online SMSF Auditing Software

Workshop : 4 hours from 11.00 am to 3.00 PM

When: 8th June 2017 

Where: Suite 3.04, Level 3, 29-31 Solent Circuit Baulkham Hills, NSW- 2153

Cost: $165 incl. GST 

(Includes working Lunch / Coffee + 10 online audits worth $187 + 4 CPD Hours From FPA)

How to Register: Visit  https://www.onlinesmsfaudit.com.au/SeminarBooking.aspx

Benefits/learning outcomes

Recommended For

All SMSF ASIC approved auditors.

 

CPD Hours

4 CPD hours under self assessment method under RG 243.88 - 90 for Audit of SMSF.

This activity has been accredited for continuing professional development by the Financial Planning Association of Australia but does not constitute FPA’s endorsement of the activity.

Accreditation number 008743 for 4 hours. Professional Dimensions Capability 2 Hours Professional Conduct 2 Hours - Knowledge Areas;  4 Hours SMSF

 

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. 

 

Speaker

Mr Manoj Abichandani

ASIC approved SMSF Auditor, B.Bus(UTS), SMSF Specialist (UNSW) CTA FIPA LREA

Manoj has worked in SMSF space for over 25 years, first as an SMSF specialist advising over 600 funds with a CPA firm and later as an SMSF auditor. He develops and lectures on strategies which are practical and enhances retirement benefits of trustees. He has been working for the last 6 years in writing and developing online SMSF audit software- Australia's first SMSF auditing tool.

 

Price List