Many auditors have been unable to “sign off” on SMSF audits because the CGT transition rules have been either misunderstood or incorrectly applied with devastating effects.
For example, some accountants have been put at serious risk because they have missed opportunities for their clients to take up the CGT uplift chronically disadvantaging their clients and exposing themselves professionally.
It has been quoted in the press that the recent superannuation reforms have been the “catalyst for a tsunami of SMSF accounting errors”, with some claiming 70% of their audit clients are getting the CGT implementation wrong.
The Super team at Morrows is concerned that SMSF members are missing out on the one-off opportunity for the CGT uplift and believe a revision of the rules and analysis of the common mistakes being made needs to occur as part of accountant’s risk mitigation.
To help accountants with their risk management, Murray Wyatt & Maureen Allan of Morrows are running three seminars for accountants to understand the issues and rectify the common mistakes.
The seminars will cover:
• The CGT uplift, the implementation rules revisited;
• Executing the CGT uplift in BGL/Class;
• Case studies of incorrect application and suggested actions;
• Tips and Traps of new legislation, accountant’s methodologies need to change;
• The automatic reversion from TRIS to ABP;
• TRIS’s and reversion the new laws;
• The actuarial certificate for the one day roll back;
• The implications of Real-Time Reporting; and
• LRBA payment reporting
The seminars will be held on the following dates:
• Wednesday 11 October 12.15pm – 2.00pm
• Wednesday 11 October 5.15pm – 7.00pm
• Friday 13 October 12.15pm – 2.00pm
Murray’s accounting career began in 1972 and he has since gained considerable experience in wealth management and retirement consulting, making him one of the most experienced practitioners in the industry. His breadth of knowledge, passion, and experience led to his appointment as Chairman of CPA Australia’s Superannuation Centre of Excellence, a position which he held for nine years. He represented the industry at a national government level, helping develop and implement superannuation policy and legislation. Murray has appeared before the Australian Senate Select Committee on Superannuation and has been an expert witness representing the accounting profession. He was also a member of the superannuation advisory committee, which was established by the industry and the Australian Taxation Office to advise the Government on high-level superannuation issues.
Always interested in superannuation and the legalities of running a compliant self managed fund, Maureen’s knowledge is a great resource for our clients but also many of our professional peers. She is a thorough and dedicated auditor of SMSFs and also enjoys opportunities to present legislative and regulatory updates to other professionals. Maureen supports Murray in CPAA roadshows on SMSF issues and has developed the Morrows Quality Control manual for our business. In addition to these responsibilities, Maureen always makes time for training her team members and encouraging them to set the standards for best practice in superannuation administration and audit.
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