655 paragraphs found
If the SMSF has an insurance policy covering total and permanent disability, total and temporary disability or death, or a combination of these benefits, ordinarily, the auditor enquires to see if a claim has been made or paid to support the benefit. If …
Retirement phase income streams are pensions paid to a member following their satisfaction of a trigger event with a nil cashing restriction. The level of capital that can be applied to a retirement phase pension is restricted by the individual’s transfer …
A contribution is defined as anything of value that increases the capital of a superannuation fund provided by a person whose purpose is to benefit one or more particular members of the fund or all of the members in general. [207] Ordinarily, the auditor …
The auditor tests that the SMSF has accepted contributions in accordance with the SISR, [208] which are either: mandated employer contributions received irrespective of the member’s age, such as SGCs, superannuation guarantee shortfall, award related and …
The auditor also tests that contributions are: within contribution caps specified in the SISR and the ITAA, [210] being: if the member is 64 years or less on 1 July of the financial year – three times the amount of the NCCs cap; or if the member is 65 …
The NCC cap is 4 times the concessional contribution cap, or zero if the member’s total superannuation balance (TSB) exceeds the general transfer balance cap (TBC) as at the start of the income year the contribution is …
A member under 65 years of age may be entitled to bring-forward up to three years’ NCC in a single year. The ‘bring-forward’ rule is triggered in a year where a member makes a NCC that is greater than the cap. The amount that is able to be contributed …
If a member has a TSB below $1.4 million at the start of the year and trigger the bring-forward rule without maximising it, their TSB at the start of the following 2 years will determine their ability to complete the …
In verifying the appropriateness of contributions received, the auditor considers factors including: the type and source of the contribution; the age of the member; whether a TFN has been provided; the amount contributed; and the timing of when the …
Ordinarily, the auditor checks to see that the classification of contributions are appropriate and allocated to the correct member account (see paragraphs 241 to 244 of this Guidance …