I am auditing a new fund where monies have been received from an AFCA determination. The issues are that the client had a fund in 2017 where their accountant fraudulently stole some $300k. The existing fund was then closed.
The above client then sought redress via AFCA, where the determination was fond in favour of the client.
The above client has since opened up a new SMSF(?} and deposited the $300k as a non-concessional contribution based of the existing balances of the previous fund in 2017.
I would appreciate your comments on the above.