National Conference 2021
COVID19 has seen the introduction of the new early release of super measure and reduced minimum pension payments.
It has also seen the ATO say that it won’t take compliance action with respect to contraventions arising from various forms of COVID19 relief offered to SMSFs.
This session will use practical examples to demonstrate the application and documentation requirements of some of the new measures and the relief offered by the ATO for funds impacted by COVID19.
It will also look at how this relief impacts the auditor’s reporting obligations with respect to the audit report and the ACR.
At the end of the session, you will be able to:
- Understand the auditor’s obligations with respect to verifying the trustee’s compliance with the COVID19 relief measures;
- Identify the types of situations the ATO’s COVID19 relief can apply and the auditor’s obligations in ensuring relief is reasonable, and;
- Apply the instructions in the addendum to the ACR with respect to reporting COVID19 relief.
The contents of this resource are taken to be correct at the time of publication.
Disclaimer: Technical Papers contain factual information only and are prepared without considering particular objectives, financial circumstances and needs. The information provided is not a substitute for legal, tax and financial product advice. The information contained in this document does not constitute advice given by the SMSF Association to you. If you rely on this information yourself or to provide advice to other persons, then you do so at your own risk. The SMSF Association is not licensed to provide financial product advice, legal advice or taxation advice. We recommend that you seek appropriate professional advice before relying upon the information in this technical paper. While the SMSF Association believes that the information provided is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk. The information provided in this paper is not considered financial advice for the purposes of the Corporations Act 2001. © SMSF Association