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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

Download Seminar booking form

 

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)  

Download Sample CPD Certificate


  https://www.onlinesmsfaudit.com.au/filemanager/userfiles/Images/manoj%20150%20width.jpg

 

Mr Manoj Abichandani

SMSF Technical Director | trustdeed.com.au

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.

 


https://www.onlinesmsfaudit.com.au/filemanager/userfiles/Images/logo%20(1).png

 

Let us show you...

How to reduce SMSF Audit time in half!

Do more with less ...

https://www.onlinesmsfaudit.com.au/filemanager/userfiles/Images/register%20now.jpg

 

Venues:

Melbourne: 10th October 2019 - Parkview Hotel St Kilda

Brisbane: 7th November - Sheraton Four Points 

 

Timings: 9:00 am to 04:30 pm

 

Cost: The fee for seminar is $165 Incl. GST and is tax deductible (Plus Travel) - Includes 10 Free Audits worth $187 for New Users

 

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.

 

Download Features Booklet

 

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

RG 243.99 - 1012 Hours CPD in Superannuation and 4 Hours CPD on auditing SMSF's

Total 6 CPD hours under self assessment method under RG 243.100 and SISA 128Q and SISR 9A.04 (3(b)

FASEA Allocation: Technical Competence - 2 Hours Regulatory compliance and consumer protection 2 Hours Client care and practice 2 Hours

Total 6 CPD hours under self assessment method under  Corporations (Relevant Providers Continuing Professional Development Standard) Determination 2018

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

 


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ADVERTISEMENT

 

 

 

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.

 

 

Content of CPD activity

 

CPD area

Minimum Hours

1

The activity is designed to enhance participants’ technical proficiency and ability to develop and provide advice strategies that are appropriate to the objectives, financial situations and needs of different classes of retail clients.

 

Technical competence

     5

2

The activity is designed to enhance participants’ ability to act as a client-centric practitioner in advising retail clients.

 

 Client care and practice

     5

3

The activity is designed to enhance participants’ understanding of applicable legal obligations and how to comply with them.

 

Regulatory compliance and consumer protection

     5

4

The activity is designed to enhance participants’ capacity to act as an ethical professional.

 

Professionalism and ethics

     9

5

The activity is designed to maintain and extend participants’ professional capabilities, knowledge and skills, including keeping up to date with regulatory, technical and other relevant developments, but is not in an area referred to in another item of this table.

 

     General

 

 

 

 

 


 

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