653 paragraphs found
There are very limited circumstances where a SMSF trustee can return a contribution to a member or employer, such as: A contribution received from a member who does not satisfy the age restrictions. A member contribution received for whom the fund does …
A SMSF is not able to return a contribution if it is in excess of the member’s contribution limit. The excess contributions process is initiated by an ATO Determination, which may provide the opportunity for the fund to return some or all of an excess …
Audit procedures on returning or refunding of contributions may include checking cash movements and validating receipts and payments along with substantiation of contributions received from employment …
With respect to the Government co-contribution, the auditor ordinarily checks that the co-contribution has been allocated to the correct …
Auditors of APRA regulated superannuation entities, particularly auditors of small APRA funds, may find this Guidance Statement useful in planning, conducting and reporting their audits, but it does not relate specifically to APRA …
Regulated funds, under section 19 of the SISA, are funds which have a trustee, either a corporate trustee or governing rules which contain a pension fund and have made an irrevocable election to become regulated in the approved form within the specified …
The SMSF Annual Return (NAT 71226) comprises income tax reporting, regulatory reporting and member contributions reporting. …
The use of the terminology trustee and trustees is used interchangeably throughout this document. Trustee or trustees include individual trustees, collective group trustees or a trustee body of a …