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I have a client who underwent a marriage break up. She had a SMSF with her former partner which her balance was then rolled over into her own new SMSF. I am auditing the new SMSF. I would have expected to see a Rollover Benefit Statement provided by her previous SMSF supporting the rollover balance however the accountant has provided a court settlement document specifying the amount that should be transferred out of the previous SMSF into her SMSF. I don't bevel this is sufficient audit evidence as there is nothing to verify the components of the member balances eg taxable/ tax free/preserved etc. Does anyone else agree?
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Hi Lina
I agree a rollover statement is required to be prepared for such a rollover. I would request that the accountant provide the rollover statement. You could send the below ATO link to the Fund's accountant that has prepared the SMSF accounts for the Fund that she exited from that explains the requirements.
If a rollover statement was not provided however the components were provided by the accountant (of the Fund that paid the rollover) or you were able to obtain them from the financial statements of the Fund that she exited from then I would be satisfied that I had received appropriate audit evidence to support the rollover and its components.
Thanks
SMSF AAA