From 1 July 2013 - SMS Funds are required to bring all assets to a market value or provide support for the valuation disclosed in financial statements. This new requirement has been a source of difficulty for many clients. Our extensive experience in this area, equips us with the confidence and knowledge to assist in obtaining accurate valuations that will meet even the strictest audit obligations. It’s important that your assets in the SMSF are shown at their market value as per the latest legislative requirements.
A self-managed super fund (SMSF) covers a broad range of topics outside the scope of accounting, auditing and taxation activities. Legislation compliance also involves knowledge of: sole purpose, permitted investments, in-house assets, lending, limited recourse borrowing, benefit payments, related parties and taxation. The complex nature of these various financial elements often poses a challenge to accountants, auditors and trustees alike due to the on-going changes in legislation, interpretations and draft rulings.
J Trioli & Co will ensure that the SIS Act is complied with. Our practice is well equipped to deal with a variety of issues that may arise in this area.
It is a requirement that all self managed super funds (SMSF’s), are audited annually for SIS Act compliance. It is essential that only experienced and ASIC registered professionals conduct SMSF audits. At J Trioli & Co, almost half our work is focused on the auditing of self-managed super funds. As a result, you can feel confident that our team of accounting professionals will deliver a timely, efficient and compliant audit that meets your high expectations.
Audits are usually conducted at the direct request of the trustees or by a managing accounting firm. J Trioli & Co is well regarded in all areas of SMSF auditing.