Awan Hammad

    Hi Noble


    I have not come across this before.

    If the amount is $10,000.00 more than the rollover statement the trustees could contact the APRA Fund & request the payment back.

    If the amount paid agreed with the rollover statement you could contact the APRA Fund & request that they repay the amount based on it being in error & provide an updated rollover statement.

    Possibly the exited member could request a rollover of $10,000 back to the SMSF & then it be fixed that way. This may be complicated if that member is no longer a member or trustee of the SMSF.

    This may get further complicated if the rollovers were done electronically over the Superstream system.

    From an audit perspective you have issues in relation to the below sections / regulations of SIS:

    Reg 5.03 Investment returns must be allocated to members in a manner that is fair and reasonable.

    Reg 5.08 Member minimum benefits must be maintained in the fund until transferred, rolled over, allotted (to the member’s spouse) or cashed out in a permitted fashion.

    Reg 6.17 Payments of member benefits must be made in accordance with Part 6 or Part 7A of the regulations and be permitted by the trust deed.





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