[The Auditors Institute Ltd]

Hi Jason

The section / regulation of most relevance is Regulation 4.09A that requires (per the audit report) that:

“The assets of the SMSF must be held separately from any assets held by the trustee
personally”.

My view is that it would not be a breach that you would need to qualify on however you would raise a management letter point that the insurance should be in the name of the 2 individual trustees in trust for the Fund.

If any forum members have a view please let the forum know.

Thanks
The Auditors Institute