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I am auditing a fund for the 2019 year, which is when it was set up. It has a corporate trustee and only one director (one member fund). During the year the fund went out and purchased a residential property in WA, however the member put his individual name in the offer and acceptance contract. The purchase was funded by the fund and is operating as if it's in the fund. It's apparent that it was the intention of the member for the property to be owned by fund - just an oversight by the new member at signing. I'm wondering if just an Acknowledgement of Trust is required to be drafted or whether a breach of R4.09A should be reported to the ATO?
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Thanks for your reply, very helpful. As a postscript, what is the best way of changing the name and will there be any stamp duty implications? Thank you.