April 30, 2020 @ 2:30 am - April 30, 2021 @ 3:30 am$125
This edition of ‘In conversation with the ATO’ features the ATO’s SMSF Auditor Portfolio Director, Kellie Grant, and the SMSF Association’s Technical Manager, Mary Simmons, covering the impact of COVID-19 from an SMSF auditor’s perspective.
This discussion covers:
• ATO announces SMSFs will not face compliance action where an in-house asset breach that arose in 2019 could not be rectified by 30 June 2020 due to COVID-19.
• Confirmation from the ATO that 2020 and 2021 ACR instructions will be changed to reflect what auditors will be required to report via an ACR.
• Clarification of electronic signatures for financial statements.
• How auditors need to evidence funds capitalising interest on LRBA loan relief arrangements.
• Evidence auditors should rely on if SMSFs offer rent relief to any tenant.
• Guidance on documenting the impact of COVID-19 when finalising 2019 audits.
• Evidence that auditors are to expect from trustees in relation to investment strategies and asset market valuations.
• Confirmation from the ATO on the auditor’s role in relation to COVID-19 temporary early access measure and pension minimum drawdown requirements.
• ATO confirms what it expects from auditors in relation to the COVID-19 temporary early access measure
• ATO confirms status quo for auditors in relation to pension minimum drawdown requirements