... There Is No Need To Take The Risk

In a speech given by Ian Read, Assistant Deputy Commissioner of Taxation at the Annual Australian Taxpayers Conference, Self-managed Superannuation compliance was the main focus.

He stated that this year the ATO plan to undertake "900 audits and reviews of individual approved auditors of self managed funds". The criteria they use to select auditors for review, are as follows:

• accountants of superfunds whose tax agent and audit firm are one of the same;
• audits performed where there appears to be a lack of independence;
• a small number of funds audited by a single auditor;
• no auditor contravention reports lodged where a large number of funds have been audited by a single auditor; or
• funds with an unqualified audit report where one or more contraventions have been identified.

Why risk:
• An ATO audit of your practice and SMSF's
• The possibility of any litigation or any conflict of independence by auditing your own SMSF's.

Let us also solve your independence issues, and minimise your risk by trying this outsourcing service.

We welcome you to contact us without any obligation and see for yourself how BCS Direction can offer such a professional and cost efficient service.