Dealing with the death of an SMSF member not only requires the trustee(s) to comply with superannuation law requirements and consideration of tax obligations, but there’s generally also the emotional aspect that comes with the close relationship of SMSF members and trustees.
Consequently, accountants, administrators and advisers generally play an important role in guiding their SMSF clients through this stressful period. In addition, the effect of the SMSF member’s death on audit requirements must also be considered.
The workshop will commence with a review of a timeline of duties, obligations and requirements for the SMSF trustee(s).
For each topic discussed, the associated audit requirements will be identified and direction provided on what audit evidence will be required to satisfy the SMSF’s auditor, enabling attendees to ensure the appropriate documentation is available for the fund’s audit.