Blog

Enhancement to Online SMSF Audit - Add Multiple Staff 11-11-2019

The software now has the ability to add or allocate funds to multiple staff members in the audit firm / Accounting firm When adding a new fund - it was possible to add multiple staff members (Staff members of accountants are called associates) who could access the fund. However after the fund was added, you could only change staff from one to another in bulk and you could not give access to multiple staff members in bulk. After the fund is created - now it is possibly Continue Reading ...

Last Chance to book a Free Webinar today at 2 PM AEDT on Investment Strategy by Manoj Abichandani 16-10-2019

If you or your client has received ATO's letter, this is a non-miss event as Manoj will show you how advisors can package their services, prepare an SOA for investment strategy, what to write to the Trustees plus a template of a property non-diversified investment strategy & minutes to document & adopt the investment strategy. Continue Reading ...

Ensure that investment strategy complies with the law - How? 07-10-2019

End of August 2019, the ATO sent out about 18,000 letters to SMSF Trustees to "ensure that their investment strategy complies with the law" where their investment Strategy outlines that the fund may hold 90% or more of its assets in one asset or a single asset class or cop $4200 fine. The ATO also wrote to their SMSF Auditors outlining their reporting role and what Trustees must do, where the fund has invested in a single asset or single asset class. These letters have caused a lot confusion among Accountants & Auditors who have received these letters. Firstly why were these letters Continue Reading ...

Auditing a fund with non-diversified investments 05-09-2019

The worst thing which can happen to an auditor is to get numerous calls from accountants for the same issue - whose funds you have just audited - has received a letter from ATO regarding Reg 4.09 of SISR. First don't panic. second... Continue Reading ...

Be amazed on how OCR will change the way you audit SMSF's 17-08-2019

We have now implemented Optical Character Reorganization (OCR) on our software. This feature will reduce your time to audit SMSF's. Auditing standards require that you inspect audit evidence and determine if they are sufficient for you to make audit conclusions. What OCR does is finds these audit evidences for you quickly - the machine becomes your digital eyes. Continue Reading ...

Seminar 18th July 2019 Melbourne Parkview St. Kilda 15-07-2019

SMSF Auditors spend too much time in financial audit and completing manual audit working papers, our online software does most of this work automatically & saves half your time as compared to traditional auditing methods. It checks closing share prices, dividends received from ASX and all mundane tasks of signing, scanning & mailing of audit report, Mgt. letter, engagement letter, Invoice & contravention reports etc. are automated with one click of a mouse. Embrace an efficient framework for high quality audits and conduct audits on a flawless workflow Management system. Continue Reading ...

Update on Chrome issue affecting some of the software's functionalities 26-06-2019

Update on Google Chrome's latest update (version 75.0.3770.80) which is blocking some of the functionalities in our software. Continue Reading ...

Latest Chrome update affecting software functionalities 11-06-2019

Google Chrome's latest update (version 75.0.3770.80) rolled out recently is blocking some of the functionalities in our software. Continue Reading ...

OCR is now online - Free Webinar on 24th April 2019 17-04-2019

Under OCR technology a machine can find & display the document which contains a certain character, figure or a word. OCR technology will scan all the documents uploaded by the client and find the figures for you by creating an icon for you for each figure found and identify location of each document which contains the relevant figure - If the figure appears in more than one document, multiple icons will be created .... Free enhancement Webinar.... Continue Reading ...

Accounting Business Expo - Here is your free ticket 12-03-2019

Our Director Mr Manoj Abichandani will speaking at the Expo on 21st March at 3.50 PM on Can A Machine Audit An SMSF? Yes It Can!.... Continue Reading ...

Major enhancement to online software will be showcased in our next Seminar 03-03-2019

OCR - Optical Character Recognition is being introduced to online smsf audit. This is where the machine finds the various trial balance, dividends and other figures in the documents uploaded by the client... Continue Reading ...

Only 6 spots left for our Seminar in Sydney Hilton on 12th Feb 2019 09-02-2019

SMSF Auditors spend too much time in financial audit and completing manual audit working papers, our online software does most of this work automatically & saves half your time as compared to traditional auditing methods. Learn how to use the software first hand.... Continue Reading ...

The way SMSF Audit is conducted is going to change in 2019 22-01-2019

The way SMSF Audit is conducted is going to change in 2019 and we will introduce these changes ... Below are the Enhancements which you can learn in our Seminar Continue Reading ...

Enhancement to audit software - Adding a staff member to the audit team 10-11-2018

November is unofficially the start of SMSF audit season, because by then, usually all ASX listed managed funds and unlisted managed funds have finalized and mailed their annual statements to SMSF Trustees and by end of October, accountants have more or less, done with individual income tax returns. This is also the time when SMSF auditors appoint new audit staff. We have recently enhanced our audit software to make appointment of staff members on the online platform very easy.... Continue Reading ...

Date of Webinar changed - due to clash with Melbourne Cup 05-11-2018

What SMSF Auditors need to learn from Cam & Bear Pty Ltd Vs McGoldrick & Ryan Wealth Holdings Pty Ltd Vs Baumgartner - Date changed to next Tuesday - 13th November - as it clashed with Melbourne Cup....FREE WEBINAR Continue Reading ...

What SMSF Auditors need to learn from Cam & Bear Pty Ltd Vs McGoldrick & Ryan Wealth Holdings Pty Ltd Vs Baumgartner 31-10-2018

Two SMSF auditors were taken to court and were found guilty of being negligent for non-recover ability of funds assets as they did not report adequate risk in investments to the trustees of the fund. We are offering a free webinar where we will examine two recent cases where .... Continue Reading ...

Last chance to book for Seminar at Novotel - Parramatta - 9th October - 6 Hrs CPD in SMSF for $165 04-10-2018

We have 3 seats left in our Seminar on 9th October 2018 at Novotel - Parramatta. You get 6 Hrs of CPD in SMSF and 10 Audits on the online SMSF Audit platform for $165 Continue Reading ...

Dividends for financial year ended 30th June 2018 are now online - Free Webinar: Strategies to maximize exempt pension income under new rules 11-09-2018

We have uploaded Dividend declared by ASX listed companies on online SMSF Audit and Learn how to calculate ECPI from 1st July 2017 Continue Reading ...

Last Chance to book for 6 Hours of SMSF Audit CPD in Brisbane 30th Aug at Sheraton for $165 28-08-2018

Let us show you... How to reduce SMSF Audit time in half! Do more with less ... Continue Reading ...

Submission to Treasury - three year SMSF audit cycle 26-08-2018

This announcement came a bit of a surprise for the SMSF industry, as the reason for this change given was "will reduce red tape for SMSF Trustees". What has perplexed the industry: 1) What are the benefits of a three year audit cycle; 2) Will a 3 year cycle reduce red tape or cause headaches to trustees; 3) Are Trustees willing to go over the Trauma of a "three year audit cycle"; Continue Reading ...

Last chance to book for SMSF Seminar - 6 Hrs CPD Hours in SMSF 22-08-2018

Learn How to Audit a SMSF in less than half the time - Seminar at Norwest on 23rd August 2018 Continue Reading ...

Become a member of SMSF Auditors Association of Australia Ltd 19-08-2018

SMSF auditors were not represented solely by any one professional body. Hence 5 SMSF auditors got together and set up a company limited by guarantee. SMSF Auditors Association offers the following benefits to its members Continue Reading ...

Decision on the case Aussiegolfa Pty Ltd (Trustee) Vs FCT [2017] FCA 1525 on appeal was recently reversed - Seminar 15-08-2018

In this case, it was determined that the SMSF had breached the sole purpose test by letting the daughter of the SMSF trustee live in a student accommodation owned by the SMSF. On appeal this decision was reversed. Your last chance Continue Reading ...

Enhancement in text of Engagement letter & Trustee representation letter and other issues 06-08-2018

Subsequent to the decision on 23rd May 2018 in the case Cam & Bear Pty Ltd v McGoldrick [2016] NSWSC 1894, we have upgraded the following documents on our online SMSF audit software: • Engagement Letter • Trustee Representation Letter • Auditors Management Letter to Trustees to include clauses where SMSF auditor can safeguard against liability for loss of any investment by the trustee of SMSF. These new clauses restricts the scope of SMSF audit only to the statutory requirement and passes on the investment decisions and its recoverability to the SMSF Trustee .... Continue Reading ...

Can an SMSF Auditor be responsible for SMSF Investment loss? Answer: YES 01-08-2018

In a recent case (Cam & Bear Pty Ltd Vs McGoldrick - NSW Court of Appeal) an SMSF auditor was found guilty of negligence, and misleading and deceptive conduct and this negligence was found to have caused a loss to the trustees of the fund. Auditor was held responsible for 90% of the loss. The court found that the auditor was appointed "for the purpose of protecting the fund and its trustee against financial risks that included the very type of risk that eventuated". If you are an SMSF auditor, this is a must attend webinar, where Manoj Abichandani will unmask the real issues of the case and what SMSF auditors should have to done to avoid any potential responsibility. Manoj will also discuss what SMSF auditors should do today to never find themselves in a similar position. Continue Reading ...

Webinar on "How to audit a fund which has invested in Crypto Currency" 18-07-2018

We are offering two free webinars to our subscribers - you can claim 2 CPD hours in SMSF Audit. Downsizer Contributions and Audit of funds which have invested in Crypto Currencies. Continue Reading ...

Progress on updating our checklist and new features added 03-06-2018

Any SMSF audit software is as good as its audit checklist. This means that if you are auditing a fund, the checklist should have the capability to test each and every transaction and compliance issue with the current law. Since January 2018, we have been reviewing our online checklist to make it compatible with the current law. The comparison is with Continue Reading ...

Enhancement to Online SMSF Audit 06-03-2018

We have introduced a Tax Calculator to the online SMSF Audit - this function allows you to audit tax calculation of the funds income tax liability, please join for a 30 minute webinar to maximize your investment Continue Reading ...

Enhancement to Online SMSF Audit - Automatic Tax Calculations 18-02-2018

The audit software can now calculate tax payable by the fund automatically, please try the beta version and provide your input in development of this feature.. Continue Reading ...

Enhancement to Online SMSF Audit Software 23-01-2018

We can now handle funds which you are no longer auditing, plus other minor enhancements. Continue Reading ...

Webinar on LRBA In & Outs of Loan from a Related Party 06-12-2017

Few seats left for our Free Webinar LRBA - In & Outs of Loan from a Related Party What is LRBA and a Related Party & Which Related Party should lend to a SMSF - Div 7A & Safe Harbour Rules Continue Reading ...

We have added "Pension Agreements" which can be purchased online from within our SMSF audit software. The cost of the pension document is 21-11-2017

We have added "Pension Agreements" which can be purchased online from within our SMSF audit software. The cost of the pension document is Continue Reading ...

ATO finalizes its position in relation to SMSF event-based reporting 09-11-2017

Implementation of SMSF event-based reporting from 1st July 2018 will be limited to those SMSFs with members with total superannuation account balances of $1 million or more. Continue Reading ...

Enhancement to Online SMSF Audit - Tab A - Navigation and quicker uploads 08-11-2017

We have improved our Audit plan to include items from Australian Auditing standards. Other enhancements are Navigation of pages and quicker uploads. Continue Reading ...

Valuation of non listed assets in light of CGT Relief and Balance Transfer Cap 24-10-2017

Valuation of non-listed assets for 30th June 2017 can be a double edged sword for SMSF's where the members age are close to pension phase or are already on pension and their balances are close to $1.6M, the amount which can move to retirement phase specially... Continue Reading ...

Major enhancements to Online SMSF Audit - Webinar Today 17-10-2017

We have made some major enhancements to Online SMSF Audit. To explain these enhancements we are conducting a webinar. Continue Reading ...

Major Enhancement to Software 09-10-2017

Major Enhancement to software Continue Reading ...

Enhancement of Online SMSF Audit & Free Webinars 12-09-2017

Enhancement of Online SMSF Audit & Free Webinars We are making major enhancements to the software and there will be regular updates and announcements and you will notice working papers will change progressively on the online software on regular basis. Due to a request from an auditor, we have made a minor but a very interesting improvement to the online software. Continue Reading ...

Enhancement to Audit Software & Free webinar 21-08-2017

We have enhanced our online software in the following areas: 1) Dividend details for 2017 financial year for ASX listed entities 2) Add Clients, Auditors & Staff Continue Reading ...

Latest enhancement to Online SMSF Audit 07-08-2017

Latest enhancement to Online SMSF Audit We have enhanced our online software in the following areas; 1) Added closing 30th June 2017 prices for ASX Continue Reading ...

ATO releases new audit report for audit period starting on 1st July 2016 30-06-2017

ATO releases a new audit report for audit period starting on 1st July 2016 - tax deduction opportunity for audit expenses - Our Melbourne Seminar.... Continue Reading ...

You will need an Actuarial Certificate for financial year ended 30th June 2017 for funds which are 100% on pension phase and if one member balance is more than $1.6 Million 22-06-2017

Any member of an SMSF on pension above $1.6 million will have to commute the pension on 30th June 2017 or simply withdraw the money from the SMSF before 30th June 2017 as from 1st July 2017, the maximum amount you can have in retirement phase is $1.6 million which is the balance transfer cap for the financial year 2017 -18. But the question is "What are the steps you need to take to implement this new law?" Continue Reading ...

Enhancement to Audit Software - Dashboard : Changing the Funds Address in Bulk 03-06-2017

If you want the funds address to be the same as the Accountants address, you can change address of one or all funds belonging to that particular accountant in bulk via this service, instead of editing address of each fund Continue Reading ...

Do you Audit funds where members have more than $1.6 Million? 14-05-2017

Income on $1.6M assets in retirement phase will be allowed to claim exemption from tax from 1st July 2017, However if you have cleints who have more than $1.6M as on 30th June 2017 in their Pension account, they can make an election to claim CGT cost base relief (segregated and proportionate methods). Basically this relief is for Continue Reading ...

CPD for changes in Superannuation Law from 1st July 2017 09-05-2017

Watch out for SMSF deeds which claim that they encompass all aspects of the new legislation as some of the reforms are not yet legislated. Such as in areas of TRIS, death benefits, reversionary pensions and LRBA etc Continue Reading ...

Implications for the Auditor’s Report where Use of Going Concern Basis of Accounting is Inappropriate such as for an Self Managed Super Fund. 03-05-2017

General purpose financial reports are prepared using the going concern basis of accounting, unless management either intends to liquidate the entity or to cease operations, or has no realistic alternative but to do so. However, SMSF financial reports are special purpose reports and not general purpose financial reports. Continue Reading ...

3 Seats left for Tonight's SMSF Norwest Discussion Group 26-04-2017

Next Discussion group meeting is on 26th April 2017 on "Pension changes from 1st July 2017" - Due to high demand, we have to change the Venue to Nexus Cafe' and can have another 3 people attending ... Continue Reading ...

Norwest SMSF Discussion Group - 26th April 2017 04-04-2017

If breaches of new lelgislation go unreported and ATO picks them up in their data matching process, negligent auditors can lose their licence. Auditors will need to be more vigilant and alert while auditing and more importantly posses "expert knowledge" as they will be called, more often, for their "audit opinion" on situations beyond the comprehension of a part time SMSF accountant Continue Reading ...

Norwest SMSF Discussion Group 28-03-2017

We will be holding CPD sessions in our office on invitation basis to local SMSF auditors on last Tuesday of every month - 1st event is tonight at 5.30 PM - we have two spots to fill Continue Reading ...

Let us show you... How to reduce SMSF Audit time in half! - 4 CPD hours in SMSF Audit 28-02-2017

SMSF Auditors spend too much time in financial audit and completing manual audit working papers, our online software does most of this work automatically & saves half your time as compared to traditional auditing methods. Audit from anywhere, anytime from any device on your own website or by integrating with ours. Increase audit effectiveness, add value, reduce audit risk, drive SMSF compliance, revolutionize your business. Learn how... Continue Reading ...

What is the maximum amount of contribution you can make in 2016/17 year 27-12-2016

There is confusion on the maximum amount of contribution you can make in 2016/17 year to a superannuation fund. Below is summary of changes to both concessional and non-concessional contributions. Continue Reading ...

Enhancement to Online SMSF Audit - Import trial balance 20-12-2016

Enhancement to Online SMSF Audit - Import trial balance from BGL Simple Fund, Class, Sage Handi Super or any other accounting software We have been working tirelessly for this latest enhancement which will drastically reduce your audit time and the way you audit funds Continue Reading ...

Enhancements to our online Audit Software 02-12-2016

We have enhanced our online audit software and uploaded the changes on 1st December 2016. Now you will be able to check the following from Tab A 1) Check whether the SMSF corporate trustee is registered with ASIC or no Continue Reading ...

Prices going up from 1st Jan 2017 12-11-2016

Our price is going up from 1st Jan 2017, however you have an opportunity to purchase audit packs which will last you a few years... Continue Reading ...

BGL Integration Video and Instruction Manual 12-11-2016

How to import fund details from BGL Simple Fund How to import fund details from BGL 360 How to import trial balance and investment report from BGL 360 Watch video... Continue Reading ...

Reminder: Free Webinar Today at 3 PM - We are pleased to announce that our integration with BGL 360 is now complete 10-11-2016

countants using BGL 360 will be able to simply give the auditor a token to import the investment report and trial balance into our software. Once the import is complete on the cloud, auditors will be able to view discrepancy report for ASX closing year end prices and all ASX listed securities divided and distribution income with just couple of clicks. Continue Reading ...

BGL 29-10-2016

ATO has issued a new determination on 28th September 2016, TD 2016/16, where a related party loan to an SMSF under LRBA on certain terms can be considered at arm's length loan agreement. An auditor has to consider the terms of the loan and form an opinion if income earned from the underlying asset purchased from related party LRBA borrowing is ordinary income or non-arm's length income (NALI) under Section 295-550(1). We have added a few new checklist questions to the working papers to ensure that the SMSF auditor is making adequate checks to comply Continue Reading ...

Review of SMSF auditor reporting forms for the 2015-16 year 15-07-2016

No changes have been made to the Independent auditor’s report (NAT 11466) and the Auditor/actuary contravention report (NAT 11239) by ATO. The forms on audit software remain current for the 2015-16 audit year. Continue Reading ...

Purchase Audit Packs at CURRENT PRICES and claim a tax deduction in 2016 financial year 29-06-2016

775 SMSF Auditors are now using Online SMSF Audit, making it a widely used cloud based SMSF audit software in Australia. At the time of writing this blog 38,201 SMSF audits have been initiated on the online platform, no other online SMSF audit Continue Reading ...

Know Our Offer – till 30th June 2016 and Last stage of Integration with www.trustdeed.com.au is live now 22-06-2016

You can now import SMSF establishment and deed of variation documents from trustdeed.com.au to onlinesmsfaudit.com.au under permanent documents while importing fund details like fund name, name and address of members etc. with a click. (data for about 30,000 + funds is available which can be imported) Continue Reading ...

Latest enhancement to Online SMSF Audit tool for accountants and auditors 05-06-2016

New Templates added For smooth administration and audit of funds, we have added 11 more templates as listed below which auditors and accountant’s can use. These templates can also be sent as an email to trustees from your account. Continue Reading ...

Reminder for tomorrow's webinar: Latest Enhancements to Online SMSF Audit - Free Webinar on 24th May 23-05-2016

Latest Enhancements We have made the following enhancements to the audit software: 1. Integration with trustdeed.com.au : You can now import fund details like fund name, name and address of members etc. from Trustdeed.com.au with a click Continue Reading ...

Latest Enhancements to Online SMSF Audit - Free Webinar on 24th May 07-05-2016

Latest Enhancements We have made the following enhancements to the audit software: 1. Integration with trustdeed.com.au : You can now import fund details like fund name, name and address of members etc. from Trustdeed.com.au with a click Continue Reading ...

Let us show you... How to reduce SMSF Audit time in half! - 4 CPD hours in SMSF Audit 21-04-2016

SMSF Auditors spend too much time in financial audit and completing manual audit working papers, our online software does most of this work automatically & saves half your time as compared to traditional auditing methods. Audit from anywhere, anytime from any device on your own website or by integrating with ours. Increase audit effectiveness, add value, reduce audit risk, drive SMSF compliance, revolutionize your business. Learn how... Continue Reading ...

New question added in Tab C - Balance Sheet regarding the terms of the loan as per the safe harbour rules of Practice Compliance Guidance 2016/5 21-04-2016

ATO has issued Practice Compliance Guidance 2016/5 and SMSF's who have borrowed from a related party need to look into their terms of the loan agreement. The ATO has said that they will not select an SMSF for an income tax review for the 2014-15 year or earlier years purely because the SMSF has entered into an LRBA. However, this is conditional on the SMSF trustee ensuring that any LRBAs that their fund has is on terms consistent with an arm’s length dealing by 30 June 2016 or, alternatively, is brought to an end by 30 June 2016. Continue Reading ...

Server issue has been resolved. We appreciate your support! 20-04-2016

First of all, thank you for using our audit tool. It makes me happy that you have gotten value out of the software, and that you want to continue using it. We’ve worked really hard to build the best product out there for SMSF auditors. Continue Reading ...

Sorry for the inconvenience! 19-04-2016

We are experiencing some technical issues with the server since this morning. Few registered auditors have reported issues like downloading the documents. Our IT team has started working on it and investigating the problems. We will certainly try to fix it up ASAP. Continue Reading ...

Have you noticed that you can enter Trial Balance in TAB B 10-03-2016

Free webinar today at 2 PM (say for 30 minutes) where we will show you how our recent enhancement can make your Audit work quicker and better. Continue Reading ...

Australia’s best online SMSF Audit Software just got better 01-03-2016

Since last month we have noticed higher activity in SMSF audits. At the time of writing this email 29,934 audits have been initiated on the online SMSF audit tool of which 3,266 were initiated from 11th Jan 2016, including 663 audits completed in the week ended 29 February 2016 which was the last day to lodge returns for funds created in year ended 30th June 2005, including 114 audits which were Continue Reading ...

News: Online SMSF Audit announces Actuarial Certificates for SMSF’s for $55. 10-01-2016

In a media release by Deed Dot Com dot Au Pty Ltd owners of www.onlinesmsfaudit.com.au announced that accountants using the online audit software will be able to order an Actuarial Certificates from their online audit platform for $55 for their SMSF clients. This cost savings is a direct result of innovation in technology by the company and will have digital disruption effect Continue Reading ...

Infrastructure as a Service... 31-12-2015

Understanding & implementing cloud computing can be beneficial for an accounting practice as it makes certain manual processes and actions redundant. For an accounting practice, it is very important not only to understand this new technology, but Continue Reading ...

Season’s Greetings 18-12-2015

From all the team at Online SMSF Audit we thank you for helping to make 2015 a great year. We wish you all the best for a happy and safe holiday period, and look forward to working with you again in 2016. Continue Reading ...

Let us show you... How to reduce SMSF Audit time in half! - Valuable SMSF Audit 3 CPD Hours 19-11-2015

SMSF Auditors spend too much time in financial audit and completing manual audit working papers, our online software does most of this work automatically & saves half your time as compared to traditional auditing methods. Audit from anywhere, anytime from any device on your own website or by integrating with ours. Increase audit effectiveness, add value, reduce audit risk, drive SMSF compliance, revolutionize your business. Learn how... Continue Reading ...

Limited Licence Authority for Accountants for almost no cost & SMSF Summer School 27-10-2015

If you are a practicing accountant and a member of IPA / CA or CPA and have 100 Self Managed Super Funds which you look after - we have some good news for you. www.smsffs.com.au has declared their intention to enter this space and have a limited licence authority to offer for almost no cost to you. They have three sessions on 24th, 25th & 26th November and invite you to lunch at 12.30 PM to 2 PM. In this lunch session, they will explain what all the “hu-ha” is about licensing accountants... Continue Reading ...

AUASB issues revised Guidance Statement GS 009 06-10-2015

The AUASB has released an updated Guidance Statement GS 009 Auditing Self-Managed Superannuation Funds. The revised Guidance Statement identifies, clarifies and summarises the existing responsibilities which approved .. Continue Reading ...

We admit that we have been quiet for a while, but it is for a reason. 03-10-2015

We like to share some news with you. Move to Sydney City, CPD in SMSF, Free webinars, Integration of BGL 360 etc Continue Reading ...

Interesting June 2015 SMSF data released by ATO and How to audit collectables in your SMSF 23-09-2015

June 2015 data has been published by ATO, our summary of state of play and relevant data Continue Reading ...

Optimization of Landing Page – SMSF Audit Manager Page - Enhancements to SMSF Audit software 29-08-2015

In line with our commitment to improve your user experience, we have made the following enhancements to the audit software: Continue Reading ...

ONLINE SMSF AUDIT - Mini Sale 20-08-2015

Online SMSF Audit would like to reward you for being a valued member. We are glad to inform you that there is some great offer available for you at the moment. When you buy an audit pack of 100 funds for $1320 from onlinesmsfaudit.com.au, you will get the following which is valued $845 plus 7.5 CPD hours. Continue Reading ...

Enhancement to Online SMSF Audit and related issues 16-08-2015

Adelaide auditor gets 5 audits by advertising on our website – 2015 ASX dividends uploaded – Add a fund page simplified - Technical Videos now online – Free weekly webinars commenced – Enhancement webinar & Training Videos now online – Seminar early bird extended only for clients. Continue Reading ...

SMSF School Spring Seminar 25th Aug - Parramatta Novotel, 27th Aug - Melbourne Stamford Plaza 3rd Sept – Hilton Sydney CBD 09-08-2015

• Comprehensive Notes: Notes & presentation slides which are provided will become your essential tools to learn the various topics discussed. They contain practical examples, tables and most relevant tax thresholds. • Full day catering including morning & afternoon tea and Lunch will be provided to all attendees. • CPD Points: The seminar will provide 7.5 CPD points. Continue Reading ...

Recording of our webinar “Responsibilities of a Company Director under Corporations Act 2001” on 5th August is now available online 06-08-2015

We received some emails from those who registered for our technical webinar yesterday that they could not log in to the webinar page. We received 239 registrations and were told that only the first 100 registrations could go online Continue Reading ...

SMSF Technical Seminar for FREE at IPA and CPA offices 04-08-2015

Our SMSF Technical Director Manoj Abichandani SSA, SSAud, would be presenting on "SMSF Contraventions which Trustees must avoid" addressing to the IPA & SMSF CPA Discussion Group. First 15 responding are invited to attend for free. Continue Reading ...

Register for one of our free Technical Webinars 01-08-2015

Each month our team of highly qualified experts present a number of technical webinars, free of charge, for our clients. These webinars are current and relevant to running a successful practice and provide you with practical knowledge which you can apply to your client situation & Continue Reading ...

SMSF School Spring Seminar 25th Aug - Parramatta Novotel, 27th Aug - Melbourne Stamford Plaza 3rd Sept – Hilton Sydney CBD 28-07-2015

We have made enhancements to the following documents and to audit working papers of the system: 1. Auditors engagement Letter 2. Trustee Representation Letter 3. Tab A “Scope of Audit” 4. Tab G “Compliance Audit” Continue Reading ...

Online SMSF Audit is now fully compatible to the 2015 version of the ATO audit report. 21-07-2015

We have made enhancements to the following documents and to audit working papers of the system: 1. Auditors engagement Letter Continue Reading ...

Our SMSF Technical Director Manoj Abichandani would be speaking today on "SMSF Contraventions which Trustees must avoid" - SMSF CPA Discussion Group Today at 6.00 PM at CPA Australia Office in Sydney 15-07-2015

Our SMSF Technical Director Manoj Abichandani SSA, SSAud, would be speaking today, 6.00 PM, 15th July 2015, Wednesday at the CPA office in Sydney city on "SMSF Contraventions which Trustees must avoid" addressing the SMSF CPA Discussion Group Continue Reading ...

How to check closing share prices of a fund in Zero time. 09-07-2015

We have uploaded 30th June 2015 ASX listed shares and Unit prices on live server. Continue Reading ...

Enhancements to the online audit software - July 2015 06-07-2015

We have uploaded the below enhancements to the online audit software on the live server. A free webinar has been organized on Friday, 10th July 2015 at 11 am and 3 pm. To attend this webinar, please visit Continue Reading ...

New Audit Report for periods starting after 1st July 2014 05-07-2015

The ATO has updated NAT 11466 SMSF Independent Auditors Report in June 2015. This approved form is effective for reporting periods starting on or after 1 July 2014. Continue Reading ...

A sneak peek of some of the material that will be presented as part of Nathan’s presentation at the SMSF Schools Winter series 2015 23-05-2015

The in-house rules are arguably the most important rules for SMSF trustees and Continue Reading ...

FREE Webinar: How to Audit an SMSF Online - In less than half the time to traditional Auditing styles - 3 PM today 20-05-2015

In this webinar of 30 minutes, you will learn how to audit an SMSF Online - Key features of the online audit tool - From set up of your account to issue audit reports for funds online - How to collaborate with Accountants and Trustees Continue Reading ...

Learn how to audit SMSF online - this webinar is for ASIC approved SMSF Auditors who want to audit a SMSF in less than half the time it 15-05-2015

Learn how to audit SMSF online - this webinar is for ASIC approved SMSF Auditors who want to audit a SMSF in less than half the time it takes to audit a fund by traditional methods. Continue Reading ...

Missed our recent Enhancements to Online SMSF Audit webinar- Watch it on Youtube 07-05-2015

We are bringing major enhancements to our audit tool to make your audit process easier and quicker. Continue Reading ...

Free Webinar - Enhancement to online smsf audit 05-05-2015

New web design with training / enhancement videos & New letter head Style - New Audit tool box in Audit page for the fund - Set up automated email advice to accountant when audit of fund has completed Continue Reading ...

Latest Enhancements to Online SMSF Audit is now on You Tube 11-03-2015

We now have a You Tube Channel where you can view all our enhancement webinars which Continue Reading ...

Free Webinar - Enhancement to online smsf audit 10-03-2015

If you have missed our morning session, next webinar is at 3.30 PM Today - link to register for the seminar Continue Reading ...

Reminder - Webinar on Enhancements - Today at 11.30 am and 3.30 PM 10-03-2015

We have made some enhancements to the online audit tool relating to Continue Reading ...

Online SMSF Audit .com.au - Enhancement to Audit Tool – Free Webinar 04-03-2015

Free webinar - to show you the enhancements is on Tuesday 10th March at 11.30 am and 3.30 pm. Please register for the time that works best for you. Continue Reading ...

ONLINE SMSF AUDIT - Mini Sale 18-02-2015

Invitation to take up our special offer to our registered users and valued customers. Continue Reading ...

Reminder: Webinar today at 3.00 PM AEST 22nd Jan 2015 - Presented By Manoj Abichandani 22-01-2015

Enhancements to Online SMSF Audit Software - Presented By Manoj Abichandani Jan 22, 2015 Thursday at Seminar will commence at 3 PM AEST for 30 minutes Continue Reading ...

Reminder : Webinar to show you the latest enhancements. 21-01-2015

Webinar to show you the enhancement Details on how to register for the webinar: Enhancements to Online SMSF Audit Software Jan 22, 2015 Thursday at 11:00 AMN - 1130AM & 3.00 PM -3.30 PM AEST. Register now by clicking below https://attendee.gotowebinar.com/register/1035647958107074561 Continue Reading ...

Enhancement to security on uploading documents 17-01-2015

Security of your SMSF audit is very important to us. When you log in to our system by using your user name and password, the system authenticates the connection with you and creates a log file. For key exchange mechanism we use AES_128_CBC. The Advanced Encryption Standard (AES) is a specification for the encryption of electronic data established by the U.S. National Institute of Standards and Technology (NIST) in 2001. AES has been adopted by the US government and is Continue Reading ...

Enhancements made on 25th December 2014. 26-12-2014

1) Permanent Documents & Yearly Audit Evidence Accountants and Trustees can upload permanent documents and audit evidence for auditors. When auditors commence an audit from the Audit Manager Page, they complete working papers of the fund, where they scope Continue Reading ...

Latest enhancement for Accountants and Auditors 14-12-2014

The following are latest enhancements uploaded on the system as on 14th December 2014. 1) Edit button for accountant for a fund added by an auditor: Earlier if a SMSF Partner or auditor added a fund to the system, corresponding accountant could not edit that fund. This control was put as a security measure. However we have noticed that many accountants want to edit the fund after it has been added by the SMSF partner or auditor for the following reasons: Continue Reading ...

Accountants Practice Manager goes online. 22-11-2014

As of today, our online audit portal stats are; 1401 audits in the past 30 days by 87 SMSF auditors and 5875 audits since 1st July 2014 by 343 SMSF auditors. These figures may look impressive but a few auditors, using the online portal, informed us sometime at the end of the last financial year that many of their referring accountants are still reluctant to engage with them online and ... Continue Reading ...

Enhancement up to 14th November 2014 & Mini Sale ending tomorrow 14-11-2014

Below are two enhancements implemented this week :- 1) NEW LOGIN PAGE Many of our regular auditors do not like to listen to Mike (The model who talks on the home page) every time they land on our home page to login. Hence we have moved the log in to another page, all you have to do is click on the log in icon and the browser will take you to a secured SSL page (with a lock) where you can Continue Reading ...

SMSF ASIC approved Auditors, are you looking for cheap and good audit staff? 05-11-2014

Since January 2014, we have been training audit staff to audit on the portal in our Indian office, where we have our IT staff. This service was commenced to help a friend who is an ASIC approved auditor and not as a profit centre. The staff came to us with over 3 years experience in preparing SMSF accounts on software like BGL and Class for another Indian outsourcing business. What is the offer? Our audit team of 8 auditors are accounting graduates trained on SMSF and have audited more than 1200 funds since Jan 2014. They can be appointed by you as your audit staff. They are a proven solution of getting the 90% to 95% of the top class audit assignment done at a reasonable price which is simply not achieve able in Australia. Continue Reading ...

Online SMSF Audit – Mini Sale: Offer Extended due to great response 03-11-2014

Thanks for an overwhelming response to our current offer "Online SMSF Audit - Mini Sale". Originally, the offer was only available until 31st October. However, Due to the great response and ongoing demand, we are excited to inform you that we have decided to extend the offer until 15th November. This means that the ones who missed the opportunity initially, will now be able to take it until 15th November. Continue Reading ...

Online SMSF Audit – Mini Sale & Latest Enhancements 29-10-2014

Purchase a 100 audit pack @ $12 + gst per fund before 31st October 2014 to receive 1 ticket valued at $770 plus 7.5 CPD hours. Purchase a 200 pack @$9 per fund +GST to receive 2 tickets & 300 audit Pack @ $7 per fund + GST to receive 3 tickets. 1 ticket gives you the following worth $770:-- • One delegate to attend one of our Summer Seminar worth $330 A panel of industry experts moderated by Manoj Abichandani; Our speakers include Mark Wilkinson, Peter Bobbin, Sharif Eldebs, Deanne Firth. Continue Reading ...

SMSF Strategies- 2014 Summer Series Seminar 14-10-2014

Online SMSF Audit is coming up with another popular seminar this November. Given the great response we received on our previous seminars it is expected that the seats for the November seminar will be booked quickly. We already have some of the industry's highly acclaimed professionals on board. Continue Reading ...

Online auditing tool is getting a look and feel of auditing software. 07-10-2014

Online auditing tool is getting a look and feel of auditing software. You must have noticed that we have changed buttons to icons on some screens, this is to make the software look like an application. We are currently working on Continue Reading ...

Dividends Checking Automated - Currently working on BGL integration 21-09-2014

Online SMSF audit will now be able to audit dividend income of the fund independently & automatically without going into financial aspect of each dividend statement and comparing it with each dividend statement. We are currently working with BGL to integrate our website with them. Many aspects of financial audit will be integrated, including tables of assets such as shares and income & expenses with discrepancies with the independent ASX valuation and verification which are already on the system. Continue Reading ...

Be a better Auditor – You have the knowledge and now you have the tools 09-09-2014

Be a better Auditor – You have the knowledge and now you have the tools Continue Reading ...

Tools are stuff which helps you to do things faster. That is why we have created Audit Tools for all audit engagement team 21-08-2014

Tools are stuff which helps you to do things faster. That is why we have created Audit Tools for all audit engagement team Once you commence an audit of a fund – on the left above all permanent documents Continue Reading ...

Our Audit tool just got SMARTER 10-08-2014

We have inserted a new section of AUDIT TOOLS on the audit page to give you access to few vital functionalities just a click away. Continue Reading ...

Digital Stamping of Audit Evidence now possible, changes in invoice and upcoming Advanced strategy seminar on SMSF 29-07-2014

The auditing standards require that the auditor to mark the audit evidence to signify that the evidence has been audited / verified by the engagement staff. The good news is that this marking is now possible digitally. We have created 4 stamps which you can use at the time of substantive testing of self managed super funds. These stamps will put a mark on any PDF or word file of the audit evidence Continue Reading ...

30 June 2014 closing share price are now available on the website 25-07-2014

We have uploaded share and unit prices for 30 June 2014 on the website. Our system automatically shows year end price , security name ,security type when the auditor enters ASX Code of a listed security. You are required to enter only the number of shares in relation to a particular security and the system will show aggregate amount of investment in listed securities. Continue Reading ...

Our website is now upgraded to incorporate Audit Report 2014 10-07-2014

Changes that are reflected in revised audit report 2014 are mentioned below: Continue Reading ...

Latest enhancements to Online SMSF Audit tool in June 2014 for auditors and accountants 09-07-2014

Australia’s first cloud based SMSF audit software is becoming more popular with each passing day. We are making every possible effort to meet the requirements of each auditor. Below are few enhancements that we have made in June and many more will come in future including stamping of documents. We are also running another series of seminars in September. Please find the details below or at https://www.onlinesmsfaudit.com.au/SeminarBooking.aspx Continue Reading ...

Purchase Audit Packs for a tax deduction 30-06-2014

Purchase Audit Packs for a tax deduction, you will be able to pay us and claim a tax deduction Continue Reading ...

ATO Penalties for Self-Managed Super Funds 26-06-2014

The ATO has introduced new penalty powers which it can impose on you if your fund breaks certain superannuation rules. The new rules apply from 1 July this year and allow the ATO to fine you and require you to rectify the mistake that has been made. They can also direct you to take further education on self-managed superannuation funds if they are not satisfied you understand your role as trustee of your self-managed fund. Continue Reading ...

Why is a special purpose company used as trustee of Self Managed Super Fund 17-06-2014

Sometimes members prefer to manage their super fund by a company which acts as trustee of their Self Managed Super Fund (SMSF). When a company acts as a trustee of a SMSF then the constitution of the company must be drafted in such a way that it is categorized as a “Special Purpose Company”. Continue Reading ...

Low number of audits and low cost audits to be targeted by ATO 16-06-2014

From July 1, the tax office will be able to impose a range of fines up to $10,200 to SMSF who have breached the SIS Act and Regulations Continue Reading ...

Enhancements to Online SMSF Audit tool in May 2014 for auditors and accountants 30-05-2014

Australia’s first cloud based auditing software has become better. Below is the list of enhancements in the month of May 2014. We have over 40 suggestions which we are currently working on to make life of SMSF auditors easy. Continue Reading ...

Super Stream Delayed for another year 28-05-2014

Treasury has given Australian Prudential Regulation Authority (APRA)-regulated superannuation funds an extension for the implementation of the Super Stream contributions data standards from 2 November 2014 to 1 July 2015 Continue Reading ...

Certain SMSF arrangements to acquire property may contravene super law 26-05-2014

Some property investment arrangements not complying with super law can cause problems for SMSFs. ATO has started giving warnings to stop certain arrangements, entered into by SMSFs to acquire property, that do not comply with super law. Continue Reading ...

Property development in SMSFs 14-05-2014

Property is becoming popular investment choice in the SMSF sector and is gathering momentum. Whether the SMSF can be in the business of developing property is one of the issues that have long been debated. Continue Reading ...

Latest enhancements to online SMSF audit tool in April for auditors and accountants 30-04-2014

The website was officially launched on 16th September 2013. As at 28th April 2014, we had registered 443 auditors using the website and 4217 audits have already been completed on the system. 32 Auditors have integrated their website with our website, where users come to your website instead of ours, to learn more about website integration visit https://www.onlinesmsfaudit.com.au/WebsiteIntegration.aspx A: ENHANCEMENTS TO OUTSIDE PAGES Registration Page We have made registration page very easy to follow and have added 4 new letter head Styles. We intend to have 20 letterheads, if you do not like any of the 7 letter heads on the website, please send your letterhead to sales@onlinesmsfaudit.com.au Knowledge Base Inserted relevant Australian Auditing Standards relevant to audit of SMSF and relevant ATO documents for your easy reference. Continue Reading ...

Latest enhancements to online SMSF audit tool for accountants and auditors 09-04-2014

The website was officially launched on 16th September 2013. As at 24th February 2014, we had registered 362 auditors and 2873 audits had already been completed on the system. Continue Reading ...

Enhancement to Online SMSF Audit Tool 01-02-2014

Saving Your Work in Audit Working Papers Many auditors using our online audit program do not complete an audit of a fund in one continues span of time – the audit is usually broken in several login’s which can spread into several days. To cater to this requirement, we have added functionality to save work in progress. Continue Reading ...

Quiz : Is this fund in 100% pension phase and no Actuarial Certificate is required. 28-01-2014

Audits of SMSF are not easy and when the fund is paying a pension, an auditor has to ensure that correct Exempt Pension Income deduction is claimed by the fund. Continue Reading ...

CRIME AND PUNISHMENT: A SUMMER REFERENCE GUIDE TO SMSF AUDIT PROBLEM AREAS 27-01-2014

If you haven’t yet chosen a paperback to take to the beach this summer, we suggest reading the following ‘refresher guide’ to the main areas that cause the most grief when it comes time to get SMSF clients through the audit process. We’ve included relevant sections of the SIS Act if you want some further ‘lite’ reading material Continue Reading ...

‘TIS (STILL) THE SEASON TO BE JOLLY AUDITING 18-01-2014

New year not, the ATO’s focus for 2013-14 remains on SMSF auditors, so here’s our guide to making sure Santa’s helpers in the tax office think you’re nice, not naughty for Christmas in 2014 year. Continue Reading ...

Enhancement to Online SMSF Audit 27-12-2013

The following enhancements to the online program were added today (27th December 2013) Continue Reading ...

SMSF TRUSTEES AND DISQUALIFIED PERSONS 05-11-2013

SMSF TRUSTEES AND DISQUALIFIED PERSONS Continue Reading ...

Excess Contributions Tax - Applying for Excess contributions to be disregarded or allocated to another income year. 16-10-2013

ECT & Commissioner's Determination Continue Reading ...

Can you Audit an SMSF? 11-10-2013

An SMSF Auditor must be registered as an approved SMSF Auditor with the Australian Securities & Investments Commission (ASIC). The auditor, once approved by ASIC will be issued with an SMSF Auditor Number (SAN). Continue Reading ...