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I am auditing a fund that owns property in Queensland - individual members as trustees - the title deed shows the name of the individual trustees and also has the word trustee - it also refers to a transfer number - but no mention is made of the superfund - when contacting the Titles Queensland I was told the transfer number refers to the document when the transfer was taken place and will indicate the SMSF as owner - is this correctand I thus do not require an acknowledgment of trust?
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Hi Leslie
I have not had a lot of experience with Queensland properties so any members with relevant experience it would be great to get your feedback re this issue.
As an auditor you will require paperwork to support that the property is owned by a trustee or trustees on behalf of the Fund. Preferably a declaration of trust is prepared prior to the purchase of an asset that states that the asset is being purchased for the beneficiary (being the Fund). If this document was not prepared then there should be an acknowledgement of trust prepared and signed by the trustees.
Thanks
SMSF AAA