Client had incorrect banking details attached at Share registry on one of the SMSF holdings.
Fund is in full pension mode, is it acceptable to bring in the dividend into the fund and on the other side of the journal debit member pension payment? Arrange for the Trustee to minute the action!
Hi Stephen
Yes it is a a practical solution. My view would be that is if it is done as a one off journal and the bank details are corrected then it is acceptable. I would raise it as a management letter issue.
The SIS regulation that is relavent re this issue is Regulation 4.09A which requires SMSF assets to be kept separate from personal assets.
Thanks
SMSF AAA