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Lost Fund Records - what can be done?

Lost fund records & historical records are a common issue approached by accountants and auditors particularly in the areas of SMSF.

While they can be tracked down via the fund’s trust deeds, there are some details which cannot be found including Applications for Membership, Consents to Act, Declaration as to Status and Trustee Declarations.

What should be done for each of these records is outlined below:

Applications for Membership

This type of fund record is usually sought from each proposed members ahead of contributions being made. Loss of this record is not usually of any real concern as usually it is a document used before any contributions or rollovers are made. Usually, it is not necessary to replace this record. If required, advisers may like members to complete a new Nomination of Preferred Beneficiary instead.

Consent to Act

When a Consent to Act form has been lost, it is highly recommended a new consent form be signed with the wording slightly adjusted to indicate that they are a trustee or director and will continue to consent to act in that position.

Declaration as to Status

Individuals are not permitted to act as a trustee of an SMSF if they are categorised as a ‘disqualified person’ – which may include being convicted of an offence involving dishonest conduct or bankruptcy. When this form has been lost, a new form is simply completed.

Trustee Declaration

Completed by all individuals who become a trustee of an SMSF, this form is retained on the fund’s file as long as it is relevant. When a Trustee Declaration form is lost, a new form will need to be signed and provided to the auditor. There are penalties for failing to retain a Trustee Declaration of $1,800, so it is essential to have one on file.

To find out more about lost fund records or for more information on your SMSF, speak with the team from SAAS Audit today.

Contributor - McPherson Super Consulting ‘SuperTech’, March 2016 

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