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Sze Wai Yu

Jun 25, 2021

Overseas Property

in SMSF Technical Forum

Hi SMSFAAA,

I am currently undertaking audits for a fund for multiple years.

The monies had been transferred to overseas for the purchase of a property throughout multiple years. The trustee is unable to provide any evidence for the purchase and its ownership of the overseas property. The trustee only provided the trustee declaration. The title of the property has not yet issued up to date.

What sections of the SIS Act should I qualify in the ACR report?

Thanks Toby

1 answer0 replies

Comments (1)

THE AUDITORS INSTITUTE

Jun 28, 2021

Hi Toby

Relevant sections / regulations to consider qualifying / raising in the ACR:

1) Section 35C(2) - trustees must provide auditor with documents to allow them to complete an audit & within 14 days of request.

2) Section 62 - sole purpose test.

3) Regulation 4.09A - assets must be held separately from personal assets.

3) Regulation 8.02B - assets must be valued at market value.

They are the main sections / regulations that I would be focusing on re such an investment.

Thanks

SMSF AAA