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SMSF only provide Resolution of Director (s) of company trustee mention about Acceptance of Rollovers for members (written down it look like Acceptance of Rollovers in extract Annual Minute of BGL software)
There is no provide any document that evidence for some rollover into SMSF via Superstream such as Rollover transaction in etc. So, I could not verify member name or Tax & Preserved components for each rollover. I see Macquarire bank statements that show deposit amounts from MLC limited WRAP……. but I am also not sure that members whether do it via Superstream or not
I am wondering that whether this fund still meet breach Section 35C(2) contravention or not. Please help me your ideas
Many thanks
Hi Phuong
As previously advised re a similar query if the SuperStream rules have not been complied with there is a breach of SIS regulation 6.17.
From ATO auditor compliance guidance:
“It also includes obtaining evidence that the trustees have complied with the SuperStream rules in the SISR for rollovers to, and from, a SMSF from 1 October 2021. A failure to do so is a contravention of regulation 6.17.”
That is if cannot verify if SuperStream rules have been complied with you would need to qualify re SIS Regulation 6.17.
Further as your question states that you have not been provided with sufficient documentation re the rollover so you may have a Part A qualification required and a Part B qualification required re section 35C(2) of SIS that requires that:
"The trustees must provide the auditor with the necessary documents to complete the audit in
a timely and professional manner; and within 14 days of a written request from the auditor".
Thanks
The Auditors Institute