#9102
Awan Hammad
Participant

    Hi Neetu

    Thanks, I assume the client has met a condition of release to be able transfer out the shares as a lump sum payment.

    Yes the shares should be transferred out to the father. The shares should then be transferred to the son & to the daughter. The son & daughter then can contribute / transfer them to the SMSF as a contribution.

    For the audit file you would need documentation re a condition of release being met, confirmation of the lump sum payment, copy of the transfer paperwork from the SMSF to the father, copy of the transfer paperwork from the son & daughter to the SMSF. You would also need paperwork to support the value of the shares and details of what type of contribution is being made to the SMSF.

    Thanks

    SMSF AAA

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