Can the intended auditor still audit your client’s SMSF?

[box style=”solid”] Each income year, a self-managed super fund (SMSF) trustee must appoint an independent approved SMSF auditor to perform a financial and compliance audit of their SMSF’s operations before they lodge their SMSF annual return. Your clients should check with the auditor they intend to appoint to make sure they are registered with the…

13-253MR ASIC surveillance targets illegal phoenix activity

ASIC is targeting company directors with a history of failed companies as part of a surveillance program to combat illegal phoenix activity. Phoenix activity is the fraudulent act of transferring the assets of an indebted company into a new company to avoid paying creditors, tax or employee entitlements. The new company, usually operated by the…