I was recently asked “What power or authority does the ATO have to review or audit a SMSF that has just been formed".  

I come across mistakes when dealing with pensions all the time. Here are just five of the common mistakes that I have come across. What is clear is that, "when dealing with Self Managed Superannuation good advice is vitally important before you start". 

I was cleaning up my office at home over the Holiday period and came across some old “Money” magazines. Picking up one that had a special feature on superannuation from October 2002, I flicked through the articles and was interested to see how much things had changed and how much has stayed the same.   

I can’t believe how quickly Christmas has come around this year. I am looking forward to sharing Christmas with the family and telling a few stories over a couple of drinks. 

The ups and down of the financial markets has resulted in the extension of the draw-down relief for pension accounts for the 2012-13 financial year.  This brings the pension relief measures to four years in a row. 

Debate still goes on regarding the registration of SMSF Auditors via the ASIC.  It has been reported that Auditors who undertake less than 20 Self Managed Superannuation Fund Audits per year will be required to sit an exam. 

Happy new financial year!! The new financial year will see some interesting discussion surrounding the role and responsibilities of approved auditors. There is proposed major change for approved auditors in that a register of SMSF auditors is due to be introduced by 1st July 2012. The registration proposal for SMSF auditors has already generated significant discussion over the last few months. 

This is Michael Dietrich the director of MSCJ Superannuation Service, a specialist SMSF accounting firm that provides audit and administration services to accountants and trustees across Australia. 

This is Michael Dietrich and welcome to my first blog. I am the director of MSCJ Superannuation Services, a specialist SMSF accounting firm that provides audit and administration services to accountants and trustees across Australia.