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06/2020 - AU - Audit 2.2, SMSF 5.3, YearEnd 1.3, Personal Tax 1.1, Trust Accounts

MyWorkpapers is pleased to announce the following updates to our content:

Audit 2.2

  • Updates have been made to the existing workpaper programs as a result of:

  • The workpapers impacted by changes include:

    • Help Centre / Example Documents.

    • Completion programmes: A1.8, A1.9, A1.10, A2.4, A2.6, ASA Compliance.

    • Planning programmes: B1.2, B1.3, B1.4, B1.6.

    • Internal Control: C5.

    • General / substantative procedures: D1, F1, J1, Q4, R1, S1.

SMSF 5.3 Workpaper Pack

  • Updates have been made to the existing workpaper programs as a result of:

  • The workpapers impacted are as follows:

    • A2.2 Operating Statement

    • A5 Trustee Representation Letter

    • B1 Preliminary Engagement Activities

    • B2 Engagement Letter

    • B8 Trust Deed and Governing Rules Review

Year End 1.3

  • Updates have been made to multiple workpapers including:

    • Year End Checklist (Reference to JobKeeper)

    • DIV 7A Benchmark interest rate updated for 2020

    • D14 Superannuation

Personal Tax 1.1

  • Updates have been made to reflect the following:

    • B2 - Individual ITR Checklist to gather the necessary information for home office claims

    • D1 - Work-related Deductions for new rates available for home office claims as a result of the Coronavirus concessions.

Trust Accounts

  • NSW Legal Profession Trust Account: New Procedures have been created in A1.20 Controlled Money and C1 Trust Account Records.

  • NSW Agents Trust Account:

    • Updates for Property and Stock Agents Act 2002 and Property and Stock Agents Regulation 2014.

    • New procedures added for B3.3 Internal Control Review Questionnaire.

  • QLD Legal Profession Trust Account: Updates for Forms 4 and 5
  • SA Legal Profession Trust Account: Updates for Law Practice Checklist, External Examiners Report, Statement regarding Receipt or Holding of Trust Money
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