05
Aug 2019
Trust Account Audit
Under the Property Stock and Business Agents Act 2002, licensees’ records in relation to the handling of trust money must be audited. This article explains who is affected, who can perform an audit, and other matters to help what they need to do to meet compliance obligations. Who is required to have their trust accounts audited? The following people must have their trust accounts audited if they received or held trust money during the financial
04
Mar 2015
ATO and SMSF contraventions
At the SMSF Association (formerly SPAA) National Conference held last month in Melbourne, the ATO confirmed that they are taking a new approach to when an Auditor Contravention Report (ACR) is lodged for an SMSF. The ATO will now telephone trustees of SMSFs (or directors where there is a trustee company) when they receive an ACR to confirm that the trustees or directors are aware that a breach was identified, as well as query why it