.png)
a single member fund has effectively transferred member benefits and wound up
the fund in 2023 year . The fund still needs to be audited etc.
is the member /trustee able to personally pay the accounting and audit fees
and claim same?
top of page
THE AUDITORS INSTITUTE | FORUM
Archived Forums
When you become a member of The Auditors Institute, you immediately gain access to expertise, advocacy for your profession and peace of mind.
Ask a question in our members-only forum or use the search function to find prior technical discussions on your topic. You can expect a response within 24-48hrs.
Disclaimer
The forum is made available by The Auditors Institute Ltd for the benefit of it’s members only, and its primary purpose is to facilitate education, training, and discussion between members. The information and answers provided within the forum are of a general nature and do not consider any specific circumstances, objectives, financial situation or needs related to the matter/s raised. The responses should not be construed as financial advice, and each Member should seek their own professional advice before making any decisions. The Auditors Institute Ltd and its representatives are not responsible for any actions taken based on the information provided in the forum.
bottom of page
Hi Mike,
An example of poor planning by the accountant / trustee! Assuming no tax liability (i.e. 100% pension), then three options:
Request a FY24 tax return be lodged, showing the contribution received and expenses paid. If the bank account has been closed, these transactions can be notional cash transactions.
As suggested by the Institute, adjust the FY23 accounts to reduce the lump sum / rollover amount and reclassify the amount to expenses, particularly if the audit of the destination fund (if any) is incomplete.
Ignore the problem as immaterial and bill the audit fee to the trustee as normal, on the assumption that the member will pay from his or her own pocket. Such a payment is presumably not deductible to the member.
Regards, Rob Bennett