[The Auditors Institute Ltd]

Hello Joanna

Thanks for the question.

Where a property owned by a super fund is managed by a real estate agent (assumed to be arm’s length from the members of the fund), where an invoice is raised in relation to repairs and maintenance and it is issued to the real estate agent, rather than the trustee of the fund, I do not see this as problematic.

The rental income is also presumably collected by the agent (through its trust account) and then transferred to the trustee of the fund’s bank account, net of related outgoings, on some periodic basis.

Would be happy to hear the thoughts of other auditors in relation to this matter.

Best regards

The Auditors Institute