Ensure you avoid these 4 common breaches. (A breach occurs when a fund fails to comply with the Superannuation law).
• Loans made to related parties
• More than 5% in-house assets (related party investments, with some exceptions)
• Assets not held in the correct name
• Documents requested by auditors were not provided
When a breach does occurs, an auditor must report this to the ATO when the value of the breach exceeds $30,000 or 5% of the value of the fund’s assets.
Please contact David Howells for more information.