One fund I will be auditing for the 2021 financial year is encountering the following issue:
The fund with individual trustees want to add their son as a member. However, the son has not been added yet but the son has had SGC contributions transferred to the SMSF since July 2020.
The fund is in the process to change the trustee to a corporate trustee.
How does the accountant should account for the son's SGC from July 2020 as he is not a member as yet?
Should they add him as a trustee and member from 1st July (ie creating an amended trust deed) and then a new corporate trustee? Or can they just create the new corporate trustee and add the son as a member from now?
Please let me know :)