In this episode of the SMSF Experts Podcast, Shelley chats with Sharlene Anderson, Director of Veritas Forensics and registered company auditor, to expose the uncomfortable truth about SMSF fraud. From Melissa Caddick's doctored CommSec statements to Trio Capital's sophisticated $180 million heist, Sharlene reveals why the real problem isn't how clever fraudsters are—it's how trusting Australians are.

Sharlene shares insights from over 15 years of experience as they discuss everything from AI-generated documents to crypto scams and referral networks that look legitimate until you dig deeper. Shelley and Sharlene explain why SMSFs are particularly vulnerable targets and how professional scepticism across auditors, accountants, and advisors is crucial for protection.

(01:24) From Audit to Forensics - Sharlene's Journey into Fraud Investigation

(02:48) Why "It Happens to Other People" is Dangerous in SMSFs

(04:12) Australian Trust Culture - Why We're Perfect Targets for Fraudsters

(05:12) The Professional Gap - When Trustees Act Without Consulting Experts

(07:24) The Psychology of Victims - Why Intelligent People Fall for Scams

(10:24) Red Flags and Professional Scepticism - What to Look For

(13:12) Sophisticated vs Simple Scams - Caddick, Trio Capital and Storm Financial

(16:00) How Trio Capital Exploited Regulatory Loopholes

(18:24) The Demographics Problem - Why SMSF Members Are Vulnerable

(20:12) The Ponzi Playbook - How Small Investments Become Big Losses

(23:24) The Insurance Gap - Why SMSFs Don't Have Safety Nets

(25:12) AI and Technology - The New Frontier of Fraud

(28:00) Professional Obligations - Auditors vs Accountants in Fraud Detection

(30:24) Trustee Behaviour Red Flags - Timing and Document Anomalies

(35:24) The Litigation Reality - Who Pays When Fraud Happens

(37:24) Fee Pressure vs Quality - The Dangerous Race to the Bottom

(40:48) The Future of SMSF Fraud in an AI World

(43:00) War Story - The $300,000 Family Betrayal

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In this episode of the SMSF Experts Podcast, Shelley chats with Andy Forbes, CTO at SuperConcepts, to demystify the role of Artificial Intelligence (AI) in the SMSF industry. They discuss the impact of AI on jobs, its capability to automate mundane tasks, and the potential to revolutionise SMSF administration. Andy also shares insights into the technical aspects of AI, security measures to safeguard client data, and the challenges of implementing effective SMSF software solutions. This episode is a must-listen for anyone interested in the intersection of technology and financial services.

(03:57) The Intersection of AI and SMSF Administration

(06:19) AI's Impact on Employment and Future Work

(07:25) The Future of Coding in an AI-Driven World

(13:45) Navigating AI's Limitations and Best Practices

(23:10) Understanding Client Requests and AI's Role

(23:31) Challenges and Limitations of AI

(24:34) Security in Software Systems

(25:12) Importance of External Audits and Certifications

(26:31) Client Data Security and Privacy

(27:59) Credential Stuffing Attack and Client Education

(32:43) Handling Underpaid Pensions with SMSF Software

(35:47) Balancing Automation and Human Expertise

(41:44) Future Trends in SMSF Software Development

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In this episode of the SMSF Experts Podcast, Shelley breaks down the often-overlooked issue of underpaying a pension in self-managed super funds. While it may seem minor, failing to meet pension payment requirements can lead to serious compliance and financial consequences.

To help unpack this complex topic, Shelley is joined by Peter Crump, Senior Consultant in Private Wealth at BDO Adelaide. With over 35 years of experience advising the SMSF sector and high-net-worth clients, Peter brings deep insight into the evolving regulatory landscape and the significant changes recently introduced around pension underpayments.

Together, they explore the rules that govern pensions, why even small errors matter, and what trustees need to do to stay compliant in light of the new rules.

[03:45] – What is a Pension in an SMSF?

[06:00] – Minimum Pension Standards & Why They Matter

[08:00] – Consequences of Underpayment

[10:30] – Taxable vs Tax-Free Components

[12:00] – Are Payments Still Valid if You Miss the Minimum?

[13:45] – Why Underpayments Happen

[15:15] – Direct Debits & Best Practices

[17:00] – ATO Relief: The 1/12 Rule

[20:00] – ATO Discretion & Trustee Mistakes

[23:00] – Upcoming Rule Changes in 2025

[26:30] – Timing & Repercussions of the New Rules

[30:00] – Backdating & Legal Risks

[32:00] – Auto-Correction Clauses: Useful or Risky?

[35:00] – Administrative Challenges for Accountants

[38:30] – Software, Tagging & Reporting

[40:00] – ATO’s Motivation for the Change

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For more episodes and to sign up for the ASF Audits newsletter, please visit asfaudits.com.au