The only issue is one of the members’ rollover balance did not go to the fund by 30 June 2022 yet the SMSF purchased an insurance policy for that member which is creating a negative member balance.
Would that be a breach? This is the first year of the SMSF's fund reporting. The problem got fixed in July when the rollover balance was received. I also noticed that the SMSF tax return does not accept a negative member's balance.
Thanks so much