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"I am auditing the superfund where a member has incurred $10,000 for the Platinum Mentoring 12-month program with Digital Wealth Group. My understanding is that this type of expense should not be paid from the SMSF, as it is difficult to confirm whether the program will benefit the members personally in addition to the superfund. The expense is not deductible; however, can it be paid from the SMSF? What audit approach should we adopt in this case?" The Program is related to Crypto Currency Trading Education.
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Hi Umesh
My view is that it can be paid by the Fund if it complies with the Fund's investment strategy and it meets the sole purpose test.
You would want to request documentation to support compliance with the sole purpose test. This may include minutes that include a declaration that the trustees are only going to use the education for SMSF investing.
Other members of the forum may have a differing view so it would be great to get any other opinions.
Thanks
The Auditors Institute