Accounting and SMSF Firms are facing many challenges in adapting to a COVID-19 environment.
On the one hand, there is the requirement to quickly adapt to managing teams working from home. On the other hand, there is a suite of rapid legislative changes that affect how we run businesses and how we advise clients on reporting and compliance for SMSFs.
There is a lot at stake.
If your clients misinterpret legislative changes and inadvertently mis-use SMSF funds, the penalties are severe and potentially damaging to both your client’s retirement savings and to your firm’s reputation.
However, the goal posts are moving fast. This week the Federal Court made a ruling that collapsed fashion retailer Colette by Colette Hayman will not need to pay $648,923 owing in rent. The judgement raises questions for landlords and particularly those SMSFs with investments in commercial and residential property. SMSF reporting requires that assets are valued at “market value” yet the concept of market value is hard to pin down with such dramatic impacts on the return on property investments.
To assist firms to navigate through these changes, we have developed an industry survey as a tracking tool to identify the most pressing issues facing Accounting and SMSF Firms.
We would appreciate your contribution to this valuable research and will use your responses to offer assistance and guidance where it is most needed.
All respondents will receive a copy of the results, as well as complimentary follow-up material including Guides and Templates as well as Webinar invitations.
Call 1300 551 261 to learn more or reply by email.
The Saul SMSF Team
1300 551 261
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