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Phuong Hoang Thi Ngo

Feb 08, 2024

Audit buy a part of property documents.

in SMSF Technical Forum

A SMSF only buy a lot of land that belong address with a big house & land in QLD ( look like a big house on the farm) about $50,000 ( have receipt) but Value of this big house & land is about 4 M. Owner is outside SMSF

So I can not get a title search that show company trustee direct holding a small lot of land.

Please give me your ideas what docs I need ask for evidence this SMSF holding asset for this case

Many thanks

2 comments

Comments (2)

THE AUDITORS INSTITUTE

Feb 08, 2024

Hi Phuong

I have not come across this before. You would need a declaration that the owner of the property is holding the property in trust for the Superannuation Fund.

I would be concerned that there may be a breach of section 109 of SIS in that the transaction was not done on an arm's length basis. I would request an explanation as to why the trustee of the Superannuation Fund does not appear on the title as an owner of the land. You would also need to request paperwork to support how the market price of the lot of land was determined. I would raise my concerns in your management letter to the trustees of the Fund.

Thanks

The Auditors Institute

Phuong Hoang Thi Ngo

Feb 08, 2024

Replying to

Thanks a lot for your help