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What is an Auditor's duty in regard to the funds received by an SMSF from the above mentioned Foreign Fund. Do you think that we should just rely on the advice from a third party who are qualified Chartered Accountants and advising the trustees on this matter. I have no idea about how this work.
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Hi Gulshan
You should not rely on the advice from the accountants unless you consider ASA 620 which covers the auditor's responsibilities when relying on the work of an expert. As transferring superannuation from a foreign Fund to an Australian Super Fund is complicated preferably the trustee of the SMSF has received written advice re the ability of the Fund to receive the transfer and the tax implications. The advice should then be reviewed by the auditor.
The ATO has information re transferring money from a foreign super fund to an Australian Super Fund at:
Thanks
SMSF AAA