The top five SMSF audit issues this year

<p>SMSF specialist auditors Shirley Schaefer and Chris Levy delve into the five biggest issues for SMSF audits at the moment and offer up some practical tips.</p> <p>In this episode, BDO partner, superannuation, Shirley Schaefer and Aquila Super partner Chris Levy discuss some of the hurdles with valuations following the ATO’s heightened guidelines — particularly where assets such as business property and unlisted trusts and companies are involved. </p> <p>Shirley and Chris explain what evidence auditors and the ATO expect to see, as well as how SMSF professionals can ensure a smoother process.</p> <p>They also discuss some of the ongoing problems with the SuperStream system and how this is likely to impact SMSF trustees at audit time. </p> <p>With the ATO applying a stricter approach with the sole purpose test, they also explain why some SMSFs may need to review their related property leases.</p> <p>They also outline some of the risks emerging from the recent shift in the economy and what this means for SMSF audits. </p>