The superannuation legislation and regulations continue to evolve as successive governments tinker with the frame works. It is critical in our view that the accountant, the superannuation advisor and a lawyer work openly and in conjunction to ensure that the interests of the client are protected.
The fines for non-compliance have drastically increased and it is very clear that self-managed super funds are firmly in the line of fire for the tax office to review and audit. Given our experience we urge a high level of caution in any transaction to ensure that compliance is met and your rights are protected. This is even more so where clients are purchasing property in their SMSF using a bare trust arrangement for a component of borrowing. More often than not our role is restricted in effecting the property transfer, however it is far better to have a robust and open discussion prior to entering into the contractual documentation to ensure all aspects are covered. By reverse checklisting the auditors requirements prior to signing of documents, clients can better insulate themselves against a breach of regulation at a later time. Ask us how to run through that checklist of issues before you sign a property contract.