http://mobile.news.com.au/breaking-...comes-tax-relief/story-e6frfku9-1226477520604 "Mr Shorten also moved another bill calling for auditors managing the savings of self-funded retirees to be registered in a national regime.He said the regime was a recommendation of the Super System Review, and would ensure auditors of self managed funds are competent in detecting and reporting breaches of superannuation law."
auditors managing the savings??? That is a misnomer - by definition auditors don't manage. They audit. I would have thought being registered as an auditor would be sufficient. Boy the govt sure do hate SMSF's don't they?
Bill Shorten, union heavy now in charge of 4 trillion dollar industry, watch out! time to offshore me thinks
Why do people with no business experience get put in charge of things that they have no idea how to run? Shorten has no ability, qualifications or understanding of his position.
Did anyone actually read the article? (My bold). How is having well regulated, competent auditors checking on people's retirement savings a bad thing?
It isn't. It just seems to me to be another cost (in both time and money) imposed on auditors which will have to be passed on to SMSF investors. The auditors I've dealt with have all seemed fairly competent. Admittedly that is a small sample but I'm not convinced that this addition is helpful or required. If Bill Shorten can prove that there are enough auditors out there who require additional training then I might change my mind. Till then this is just another impost. Possibly, and this is probably way out of left field but instead of having another level of regulation how about stop making the legislation so complicated and being amended every 6 months so people can actually stay abreast of the rules currently in place. I'm yet to be convinced the govt does not have it in for SMSF investors.
"Mr Shorten, do you think that SMSF auditors should be registered?" "Ummm. Mmmm. I think.... I think whatever the Prime Minister said." "What did she say?" "Ummmm. I don't know, but I think whatever she said". I guess what I mean is that this is another good idea that will be badly implemented by an inept minister. .
1. Auditors will pass on any registration costs (fee, time, compliance ... etc) to SMSF's. 2. Government will pass on registration costs (staff, equipment, media, training ... etc) to SMSF's or the taxpayer. 3. It will create yet more statutes and taxes that impede society. There's already penalties for corrupt/incompetent SMSF auditors. Why fix something that's not broken?
Oh! I can't let this one go by without adding that legendary vid! Another time for those who missed it. :lol: :lol: :lol: The Talented Mr Shorten: [youtube]http://www.youtube.com/watch?v=GFELLK8htKM[/youtube]
Its the extra $1000 fee that caught my attention...and who do you think it'll get passed on to? It's also another impediment. Sure a few accountants will take it on. But who in their right mind would risk/want to do another training course and pay a $1000 fee just on the chance a client might want them to manage a super fund? Not many I suspect. This is just a move to restrict the number of SMSF capable accountants and/or make if more difficult to run a SMSF. Just follow the logic, Shorten wants to lower fees buy creating an extra levie on SMSF's!? Next step after this is a whole dept. of auditors auditing the auditors !!!
The solution is easy. You can learn to do your own accounts including the SMSF tax return by using BGL software so you eliminate the accountant and then you just have the auditor fee. The BGL software also has an audit section which would also keep down your audit fees. http://www.bglcorp.com/products/simple-fund/introduction Kind Regards non recourse
