Awan Hammad

    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.




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