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Director ID for audit
1/ I am wondering that now SMSF auditor whether need ask provide Director ID of each director for audit
if not yet registered whether any breach for SMSF audit
2/ A SMSF member just pass birthday 60th and stopped working from her private company , the company wind up, no working for other employer
Eg: the member balance current $3,000,000
- Can she withdrawal about $1,300,000 by transfer properties under SMSF to her personal name as a lumpsum (not withdrawal money)?
- Can she apply for ABP the remaining balance $1,700,000 in SMSF?
If Yes, please guide me all what need mention docs for audit ?
Many thanks
Hi Phuong
Re the Director ID my view is that there is no requirement for the auditor to check this as it is not covered by the audit report.
It would be great to get other members views re this issue. The auditor could refer to it in their trustee representation letter and or refer to in in their annual trustee management letter (that it is the director's responsibility to have a Director ID).
To access benefits there are 3 key tests to access super by benefits going from preserved to non-preserved (i.e. met a condition of release), being:
1) Reached preservation age and have permanently retired, or
2) Between age 60 and 64 and have left an employer or permanently retired, or
3) Reached age 65.
Normally an auditor requires the member to sign a declaration that they have met a condition of release that allowed benefits to go from preserved to non-preserved when they are under 65 and will access lump sum benefits or start a retirement pension. The declaration should explain the condition of release that has been met.
If a condition of release has been met they could access benefits as a lump sum transfer and also start a retirement account-based pension up to the cap limit of $1,700,000.
If the properties are transferred in specie there are stamp duty and capital gains tax issues to consider so professional tax and legal advice should be obtained.
The properties would need to be transferred at market valuation so I would expect that a valuation has been obtained.
Thanks
SMSF AAA