Is your documentation up to it – The next frontier of SMSF disputes and audit traps

  • Presentations, Technical Resource
  • Audit

National Conference 2023

For many years the focus on SMSF documents has been on binding death benefit nominations.
 
More recently however, the cases have revolved around the effectiveness of other SMSF documentation, such as changes of trustee, deed variations and pension documents. These are fast becoming the newest form of disputes, and with these fights increasing, will your SMSF documents stand the test? The ATO’s increasing reliance on annual audits also means there are some triggers that will especially interest an auditor.
 
This workshop will examine the recent cases and the lessons to be learned from them. We will unpack the common mistakes in transactions and documents, what can go wrong when everything does not line up, what to look for and how to fix it.
 
Following this session you will be able to:
 
  • Identify the key SMSF legal documents and understand the importance of getting them correct.
  • Examine common problems with key SMSF legal documents and the consequences.
  • Analyse client scenarios to explain the actions you need to take and applying in practice possible ways to fix them.
  • Identify the common transactions that will attract the interest of auditors and understand how to get them right.

The contents of this resource are taken to be correct at the time of publication.

Disclaimer: Technical Papers contain general advice only and are prepared without taking into account particular objectives, financial circumstances and needs. The information provided is not a substitute for legal, tax and financial product advice. Before making any decision based on this information, you should assess its relevance to the individual circumstances of your client. While the SMSF Association believes that the information provided is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk. The information provided in this bulletin is not considered financial product advice for the purposes of the Corporations Act 2001. © SMSF Association