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Shalendra Pillay

Dec 08, 2021

MEMBER/TRUSTEE

in SMSF Technical Forum

I received a SMSF for Audit. This is what I noticed.

Fund was set up back in 2013 by a well known tax expert.

Sole member with Corporate Trustee

Member is not a director in Corporate Trustee.

Corporate Trustees Sole Director is related to member.

Upon further discussion with client I was told that back in 2013 member got a job overseas. He setup this SMSF before leaving. Sole director was also given a Power of Attorney (General) to act on his behalf. Client is back in Country some 18 month back. But he also intend to take overseas job later.

Is this setup correct? My understanding is the member should also be the director of this Corporate Trustee. What I need to do as a Auditor?