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1/ ATO issued Statement of Accounts include cheques for Co-Contribution or LISA to SMSF
but trustees did not deposit them into SMSF bank account since in the last few years (maybe they are busy).
So Accountant also does not record these amounts in Financial Reports
If member leave it , could you please give me your ideas whether any issue for audit?
2/ SMSF bought property off-the-land in 2019 FY :
All Contract of Sale, Loan Agreement and Bare Trust show Lot 1, address A
but Settlement Statement in 2023 FY and on title show the same Lot 1 but change address B
Could you please give me your ideas what document I need ask to clarify for audit address difference? Can client sign declaration?
I am wondering whether any issue for audit that Bare Trust shown address A
Many thanks
Hi Phuong
Re the co-contribution / LISA cheques my view is you should refer to these in your audit management (or trustee) letter. My view is that it would not normally be an audit report issue due to materiality however you should request that the trustees request that the ATO reissue the cheques so that they can be banked.
It is common for off the plan property purchases to have a different address on the settlement statement to that recorded on the bare trust. There is no issue having a different final address to that listed on the bare trust deed. You should request paperwork or a declaration showing the final address for the property having changed from the originally recorded address.
Thanks
The Auditors Institute