TRUSTEE TO ASK TOUGH QUESTIONS

Following on from my previous article about Trustees’ responsibilities and planning for the unexpected future, there is a long list of questions one would asks to prepare for Self Managed Superannuation Fund’s unexpected future.

They include the following list of questions –

-          has the Nomination for Death Benefit signed and completed ?

-          has the beneficiaries for the insurance policies assigned ?

-          are the assets owned legally by the Self Managed Superannuation Fund ?

-          are there related party borrowings ? should this be cleared off ?

-          is there a “will” in place ?

-          are you getting proper financial and tax advices from a registered professional ?

-          does anyone know where all accounting and minuted records of the affairs of the SMSF are maintained ?

-          have prior audit reports and or management letters identified any issues with the fund ? if yes, appropriate steps need to be taken immediately to address each an everyone of the issues identified, as leaving the issues unattended may have undesirable consequences in the future.

So, to all Trustees, start asking the tough questions and be responsible for your SMSF.  Only then will you realise what you don’t know….

This article is not a financial advice, and author is Not a financial advisor or tax agent.  Please solicit appropriate advise from professionals before making any financial decisions.