I recently received a 2020 audit for a fund that previously wound up in 2018. The email with paperwork said 'Hi Mike, Re-activated Fund for Audit.'
I have looked around and on the ATO website it says 'Once a fund is wound up, it can’t be reactivated.'
The ABN & TFN for the fund are different in 2020. I assume this means that the ATO considers this a new entity even though the name of the fund is the same. The members have changed - it is now a single member fund with one of the members in 2018 still a member in 2020, the other has not come back to the fund.
The issue I have is that rather than a new deed being drafted and signed I only have two deeds of resignation & appointment that refer to the previous fund deed - one to resign & appoint a new individual and a second to resign both individuals and appoint a corporate trustee.
This deed was used to purchase a property via an LRBA.
Is it expected that a new deed be signed referring to the new fund?
Should the audit be qualified and ACR lodged?