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Sandeep Dheer

Aug 12, 2022

Liability under Probate

in SMSF Technical Forum

Hi SMSFAAA,

I am doing audit of SMSF having one member (as per trust deed and sole director of corporate trustee as per latest ASIC statement), however in the financials statements under liabilities section (members account balance) there is another person added with member balance (same for FY 20 and FY 21) and it is mentioned that additional member is in probate. Could you please advise about this particular transaction as I am doing this type of audit for the first time and please also let me know what additional documents do I need to complete the audit?

Many thanks for your help

Sandeep

1 answer0 replies

Comments (1)

THE AUDITORS INSTITUTE

Aug 12, 2022

Hi Sandeep

I do not fully follow your query and would need more details to comment. I assume the original member has died & probate has not been issued.

There would be a number of issues to consider including:

1) Death benefit nomination?

2) Reversionary pension?

3) Benefit to be paid to dependant or non dependant or estate?

4) Company status re death of director?

5) Tax status if Fund was in pension mode at date of death?

6) Death certificate sighted?

7) Was member in accumulation & or pension mode?

Thanks

SMSF AAA