Recently we’ve been helping a family with their Self-Managed Super Fund (SMSF) administration needs.
We were asked us to help administer the SMSF after they found the Fund’s ‘old accountant’ was less than helpful. Add that to the fact he’d given them information that could have made the Fund non-compliant if they’d followed it, they weren’t happy.
Unfortunately the clients had relied on their ‘old accountant’ to be the Fund’s record keeper; it turns out the Trustees hadn’t formally kept records for themselves, assuming the ‘old accountant’ would always have their backs…even if they decided to take their business elsewhere.
Things have turned nasty, the Trustees and the ‘old accountant’ are fighting…which leaves them, and us, trying to piece together documents and parts of the Fund’s history. It’s turned into a nightmare!
Today’s Tip If you have an SMSF, please be sure to keep copies of everything (minutes, financial and audit reports, investment reports, tax reports, insurance details, share transactions and investment distributions) so you aren’t reliant on the Fund’s accountant for information. It’s particularly important if you’re changing accountants, because not everyone is going to be helpful in times of need.
