Auditomation Observations & Comparison with SMSF Sorted

Auditomation Observations & Comparison with SMSF Sorted

Auditomation Observations

Observations are automated analysis performed by Cloudoffis during the job creation, we acquire the data from specific reports that exist within the software where an API is available. once analysed the observation will appear with the following 3 menus;

Observation Status

Once we analyse the data all 11 observations will be placed into one of the below statuses

Warning

All items that are not within standard/legislated parameters will be flagged. 

Good to Go

All items that are not within standard/legislated parameters

Not Applicable

All items that are no relevant to the fund (eg rental income when there is no property asset)

Auditomation

Software Availability


Observation Name
Details
Class
BGL 360
SuperMate
Rental Income
To check if rental income is less than 4% of property value
Yes
Yes
Not Yet
Work Test
To check if the work test needs to be satisfied for contributions received for members over aged 65
Yes
Yes
Not Yet
Contribution Cap
To check if members have breached contribution caps
Yes
Yes
Not Yet
Negative Balance
To check if any transaction resulted in a negative balance
Yes
Yes
Yes
Reverse Balance
To check for deposits and withdrawals of the same amounts between bank accounts or the same account.
Yes
Yes
Yes
Benefits Paid to Member < 60
To check if PAYG payment summary is required
Yes
Upload Report*
Not Yet
Market Value
To check market value as per software against the ASX and IRESS data for listed investments and managed funds
Yes
Yes
Not Yet
Income Comparison
Comparison of income processed for ASX listed investments against announcement data
Yes
Upload Report*
Not Yet
Pension Limit
To check if pension withdrawals are within the allowed limits
Yes
Yes
Not Yet
Lump Sum Payment
To check the condition of release for a lump sum paid before preservation age
Yes
Upload Report*
Not Yet
Retirement Condition
To check for a Retirement Condition for any benefits paid to a member less than 65
Yes
Upload Report*
Not Yet

* Upload Report - Cloudoffis does not acquire the information from the Cloud due to the unavailability of API's but there is an option to upload a report generated from BGL 360 and we will then analyse and place the observation in the appropriate status. For a list of required reports for BGL 360 and BGL Desktop products please refer here

Auditomation Observations & Comparison with SMSF Sorted


SMSF SORTED

AUDITOMATION

Observation Name
Details
Observation Name
Details
N/A
N/A
Rental Income
To check if rental income is less than 4% of property value
Preservation Components for Member above 65
To check if member entitlement components are 100% unrestricted non preserved
N/A
N/A
Tax Component Verification (Accumulation)
To check for changes in tax free amount of accumulation account
N/A
N/A
Work Test
To check if the work test needs to be satisfied for contributions received for members over aged 65
Work Test
To check if the work test needs to be satisfied for contributions received for members over aged 65
Contribution Cap Limit
To check if members have breached contribution caps
Contribution Cap
To check if members have breached contribution caps
Negative Balance
To check if bank accounts had a negative balance at any point in the year
Negative Balance
To check if any transaction resulted in a negative balance
Contra Bank Entries
To check for deposits and withdrawals of the same amounts between bank accounts or the same account.
Reverse Balance
To check for deposits and withdrawals of the same amounts between bank accounts or the same account.
Client Missing Data
To check if client has any missing data, e.g., member date of birth, Fund TFN etc
N/A
N/A
Benefits Paid to Member < 60
To check if PAYG payment summary is required
Benefits Paid to Member < 60
To check if PAYG payment summary is required
Market Value
To check market value as per software against the ASX and IRESS data for listed investments and managed funds
Market Value
To check market value as per software against the ASX and IRESS data for listed investments and managed funds
Income Comparison
Comparison of income processed for ASX listed investments against announcement data
Income Comparison
Comparison of income processed for ASX listed investments against announcement data
Pension Limit
To check if pension withdrawals are within the allowed limits
Pension Limit
To check if pension withdrawals are within the allowed limits
Tax Effective Allocation of Pension Payment (Member Level)
To check whether pension payments above the minimum amount are allocated in a tax effective way between the pension accounts of a member
N/A
N/A
Lump Sum Payment
To check the condition of release for a lump sum paid before preservation age
Lump Sum Payment
To check the condition of release for a lump sum paid before preservation age
Preservation Components
To check for changes in components from preserved to unrestricted non preserved
N/A
N/A
Tax Component Verification (Pension)
To check for changes in tax free percentage of pension accounts
N/A
N/A
Retirement Condition
To check for a Retirement Condition for any benefits paid to a member less than 65
Retirement Condition
To check for a Retirement Condition for any benefits paid to a member less than 65
Tax Effective Allocation of Pension Payment (Pension Account Level)
To check whether pension payments made above the minimum amount are allocated in a tax effective way between all pension accounts
N/A
N/A

    • Related Articles

    • SMSF Sorted Observations Feature Overview

      SMSF Sorted Observations Feature Observations in SMSF Sorted are validations and checks that have been built into the system to highlight specific compliance situations that may require attention. What Observations are available? Observation Details ...

    • Introduction to SMSF Sorted for Accountants connected to SMSF Sorted Administrator

      Introduction to SMSF Sorted for Accountants connected to SMSF Sorted Administrator SMSF Sorted Enterprise provides a platform to accountants where they can connect with Administrator Firms and review the Workpapers of outsourced jobs to Administrator ...

    • SMSF Sorted release 3.0

      Release Contents This latest release of SMSF Sorted delivers several new features including the ability to receive Audit Engagement & Trustee Representation letter templates from audit firms using our Cloudoffis Auditomation product, along with new ...

    • SMSF Sorted Workpaper - Property & Rental Schedule

      SMSF Sorted Workpaper - Property & Rental Schedule This article will provide details on the functionality of SMSF Sorted's Property Workpaper A fund must have reimported the Lead Schedule after the SMSF Sorted 2.6 release (22 May 2021) for the ...

    • Automatic Reports List Sent From SMSF Sorted to Audit Portal (Class)

      Automatic Reports Sent From SMSF Sorted to Audit Portal (Class) The below matrix lists all reports that are automatically imported and bookmarked to the relevant bucket or section in SMSF Sorted (when applicable to the fund), these are then ...