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Sandeep Dheer

Aug 30, 2021

Audit of newly setup SMSF with Minor as Member

in SMSF Technical Forum

If a new SMSF is set up with 4 members (2 parents and 2 Kids less than 18 years) with corporate trustee. Both the parents are directors in the corporate trustee. What are SMSF auditors responsibilities in such case and which additional permanent documents as an auditor do we need to obtain from trustees to make sure that SMSF complied the definition under sec 17A?

Trust Deed specifies , " In the case of a Member who is under the age of 18 or is under another legal disability that Member’s legal personal representative (LPR) will act as a Trustee for that Member."

Many thanks

2 answers1 reply

Comments (3)

Sandeep Dheer

Aug 31, 2021

Many thanks for your help

Do the parents needs to be director in the Corporate trustee on behalf of the kids as well or will it suffice if the parents are directors on their behalf only

Regards

Sandeep

THE AUDITORS INSTITUTE

Aug 31, 2021

Replying to

Hi Sandeep

As the parents are already directors they do not need to be added further from a company / ASIC perspective.

Thanks

SMSF AAA