Awan Hammad

    Hi Alkesh

    I answered your question by saying that:

    “As auditor if the required documentation cannot be provided I would be raising your concerns in your trustee management letter to the trustees. I would raise that any issues with the reseve could lead to excess contribution assessments and ATO scrutiny that could lead to the denial of a contribution being treated as deductible to the deceased member.”

    My view was that your example may not be a breach of SIS Regulation 7.04 in that this regulation refers to whether a SMSF can receive contributions. The lack of signed paperwork may mean that the concessional contributions should be treated as non concessional contributions. As auditor you could also consider raising a financial qualification re the tax impact on the contributions if they have not been correctly accounted for.

    If other members have a view on this issue please let the forum know.




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