SMSF News - edition 22

New version of eSAT - coming soon

The work of approved auditors is fundamental to the health of the self managed superannuation fund (SMSF) market. To have each fund independently and professionally reviewed is invaluable in assisting trustees operate SMSFs appropriately.

Using eSAT means auditors can complete compliance audits and efficiently prepare, store and lodge Auditor contravention reports (ACRs) online. Auditors using eSAT have access to case studies outlining the ATO's position on a range of investments and transactions.

In July 2012, the new version of Electronic superannuation audit tool (eSAT) will be released. Some changes include:

• the reference facility being updated, including the new requirements for collectables and personal use investments
• new case studies
• improved content to provide support for more complex circumstances.

eSAT is free to download from the ATO website. Trustees might also find the program useful.

From July to December 2011, nearly 40% of all ACRs were lodged using eSAT; this is over a 10% increase from the previous year.

To download eSAT or to see how it can be easier and more efficient to report contraventions, refer to Electronic superannuation audit tool.