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  • How to complete the report

    Section A: Report information

    Question 1

    This report applies to the financial year ending 30 June

    Provide the financial year of the audit that the report applies to.

    Each report relates to the specified financial year only – if you are conducting audits of more than one financial year, report the contraventions you identify during the audit of each financial year in a separate report.

    Question 2

    This report is new or revised

    Place X in one applicable box only.

    A report is either:

    • new – if it is the first time you are lodging a report for the events
    • revised – if it is lodged to correct or change information previously reported on a new report or earlier revised report.

    To revise a previously lodged report, you must re-report all the information (not just the items you want to revise).

    The revised report replaces the previous report.

    Section B: Fund information

    Question 3

    Name of self-managed superannuation fund (SMSF)

    Provide the full name of the SMSF as it appears on the fund’s trust deed.

    Question 4

    Australian business number (ABN) and/or tax file number (TFN)

    Provide the SMSF’s ABN and/or TFN. You must also provide these details at the top of page 3 on the form.

    We are authorised by the Taxation Administration Act 1953 to request the provision of tax file numbers (TFNs). We will use the TFN to identify the entity in our records. It is not an offence not to provide the TFN.

    Taxation law authorises us to collect information and disclose it to other government agencies.

    Question 5

    What was the value of the fund’s total assets at the end of the year of audit?

    Provide the value of the SMSF’s total assets as shown in their financial statements at the end of the financial year of audit.

    Use whole dollars only.

    Section C: Audit firm information

    Question 6

    Auditing firm details

    Provide:

    • the name and ABN of the firm you work for
    • your own ABN if you are a sole practitioner.

    Section D: Auditor information

    Question 7

    Auditor's details

    Provide your details as the auditor or actuary lodging the ACR.

    For your phone number, print the 10-digit phone number, including the area code, and leave no spaces.

    Make sure the address you provide is the most appropriate address to receive mail from us.

    Section E: Contraventions

    A contravention is either an:

    • action prohibited under the SISA and SISR
    • inaction that results in the trustee not meeting their obligations under the SISA and SISR.

    Only contraventions of the sections and regulations listed in tables 1A and 1B should be reported here.

    If you are concerned about a contravention or continued contravention of a section or regulation that is not listed in tables 1A and 1B, you can report that information at Section G.

    An event is something that may lead, or has led, to one or more contraventions. If an event leads to a contravention of more than one section or regulation, you should list each contravention that relates to the event.

    Do not report unrelated contraventions as a single event.

    Example 1: An event leading to contravention of more than one section

    An SMSF borrows money that is used to purchase a home from a member (the loan is not a limited recourse borrowing arrangement and the home is not business real property).This event results in a number of contraventions of the SISA, including section 66 (acquisition of assets) and section 67 (borrowing). The auditor reports this as one event, and lists each contravention on the form for that event.

    End of example

    We rely on complete reporting from SMSF auditors to understand fund compliance year to year. Complete reporting requires auditors to report contraventions in the year they occur and in all following years that the contravention remains unrectified. This includes where the auditor is aware that we have advised the trustees that we would take no further action, at that time, in relation to the contravention. While no further action may be appropriate in one year, if we receive information that a contravention remains unrectified in following years, we may choose to take a different compliance approach with that fund.

    Example 2: An existing contravention that was previously reported and can be rectified, but has not been

    Roger is an SMSF auditor engaged to audit the McAlister SMSF. The McAlister SMSF has a single member and a corporate trustee, McAlister SMSF Pty Ltd. Roger identifies during the 2012–13 year audit that the bank account used by the fund is in the name of the member personally. Roger advises the trustee to correct the separation of assets contravention by arranging with the bank to have the name of the account changed to McAlister SMSF Pty Ltd as trustee for the McAlister SMSF.

    During the 2013–14 year audit, Roger identifies that the fund has not made any arrangements to correct the bank account issue as the account is still in the member's name. This is a continuing contravention that has previously been reported, but can be rectified, so Roger is required to report the contravention again in the 2013–14 year.

    End of example

    We accept that some contraventions cannot actually be rectified. You should report these contraventions in the year they occur but not in subsequent years.

    Example 3: An existing contravention that was previously reported but cannot be rectified

    Gillian is the SMSF auditor for the Smith SMSF. In the 2011–12 year audit, Gillian identified that minutes of trustee meetings had not been kept. Gillian reported the section 103 contravention in the 2011–12 ACR. Since then the trustees have retained all minutes of meetings. Gillian is auditing the 2012–13 year. She knows there is a contravention of section 103 because, even though the trustees kept the minutes of meetings for 2012–13, they have not retained minutes of meetings for the last 10 years. Because this contravention cannot be rectified and it was previously reported in the 2011–12 ACR, it does not have to be reported again.

    End of example

    Question 8

    Did the event commence before the audit period?

    Place X in the applicable box.

    Question 9

    Start date of event

    Provide the date the event started.

    This may be in an earlier financial year than the one being audited. If the event started in an earlier financial year and you are unable to identify the start date, leave this blank.

    Example 4: Start date of event

    An SMSF borrowed money in an earlier financial year and the money has not been paid back, so the breach has not been rectified by the trustees. The auditor provides the date in the earlier financial year that the fund borrowed money.

    End of example

    Question 10

    Describe the event, including any mitigating factors.

    Provide details of the event, including any mitigating information that may help us work out what compliance action we should take.

    You can report up to six separate events on one ACR.

    Question 11

    Have all the contraventions been fully rectified or do the trustees have a plan to fully rectify all of them?

    Place X in the applicable box.

    Question 12

    What is the estimated completion date, or if fully rectified, when was this completed?

    Provide the final date the contraventions were fully rectified or the estimated rectification date.

    Leave this blank if you cannot estimate a date.

    Question 13

    Describe any steps taken to rectify the contraventions or any planned steps to rectify the contraventions.

    Provide details of the steps taken to rectify the contravention and any planned action to rectify the contravention. Include details of when it is expected the contraventions will be rectified.

    Question 14

    What sections/regulations have been, or may be, contravened?

    Provide the sections or regulations for the event. Copy each one exactly as it appears in tables 1A and 1B.

    For each event, you must enter at least one section or regulation – do not repeat the same section or regulation for any one event.

    Where the event results in, or may result in, more than one contravention, list each section or regulation on a separate line and complete the information required for questions 14 to 17.

    Report contraventions of sections and regulations not listed in tables 1A and 1B at Section G.

    Table 1A: List of reportable sections

    Section

    Section title

    Does a statutory time period apply?

    S17A

    SMSF definition

    No 

    S35C(2)

    Trustee to provide documents to the auditor

    Yes. Trustees must ensure that requested relevant documents are given to the auditor within 14 days of the request being made.

    S62

    Sole purpose test

    No 

    S65

    Lending or providing financial assistance to members or their relatives

    No 

    S66

    Acquisition of assets from related parties

    No 

    S67

    Borrowing by the fund

    Yes. For borrowing exceptions only. A temporary borrowing to pay beneficiaries or to make a super surcharge payment must not exceed 90 days.

    A temporary borrowing to cover settlement of securities transactions must not exceed seven days.

    S82

    In-house assets – exceeding in-house assets ratio

    Yes. Market value ratio for the 2000–01 year of income and later years of income. If it exceeds 5%, the trustee must prepare and carry out a written plan to reduce the market value ratio to 5% or less before the end of the following year of income.

    S83

    In-house assets – prohibition on further acquisition

    No 

    S84

    In-house asset rules must be complied with

    No 

    S85

    In-house assets – prohibition of avoidance schemes

    No 

    S103

    Minutes and records

    Yes. Trustees must retain minutes of all meetings and records of all decisions made for at least 10 years.

    S104A

    Trustee declaration

    Yes. A trustee declaration in the approved form must be signed within 21 days of becoming a trustee (or a director of a corporate trustee) of an SMSF.

    S109

    Investments to be maintained on an arm’s length basis

    No 

    S126K

    Disqualified persons not to be trustees

    Yes. Trustees must immediately tell us in writing if a trustee is or becomes a disqualified person.

    Table 1B: List of reportable regulations

    Regulation

    Regulation title

    Does a statutory time period apply?

    R4.09

    Investment strategy

    No 

    R4.09A

    Separation of assets

    No 

    R5.08

    Minimum benefits

    No 

    R6.17

    Restriction on payment of benefits

    No 

    R7.04

    Acceptance of contributions

    Yes. Returning contributions to members within 30 days – for example, where no TFN is quoted.

    R8.02B

    (Assets to be valued at market value for the 2012–13 and later income years)

    Valuation of assets

    No

    R13.14

    Charges over assets of the fund

    No 

    R13.18AA

    (From 1 July 2016, all investments in collectables and personal use assets must comply with these rules, regardless of when they were acquired.)

    Investment in collectables and personal use assets

    Yes. Collectables and personal-use assets need to be insured within seven days of the date of acquisition by the SMSF.

    Question 15

    What is the maximum value of the contravention?

    Provide the maximum dollar amount of the contravention. Use whole dollars only.

    This question should only be left blank where contraventions with no monetary value are being reported (that is, section 17A, subsection 35C(2), section 62, section 85, section 103, section 104A, section 126K or regulation 4.09)

    There will be a contravention of regulation 8.02B of the SISR where no evidence or insufficient appropriate evidence is provided to support the market value of assets listed in the fund’s financial statements (for example, unlisted shares or units).

    You must use your professional judgment to determine whether the contravention would be reportable because it meets the financial threshold tests. If you are unsure whether this would constitute a reportable contravention, you can provide information about the issue at Section G of the form. Otherwise you should report the contravention as an event at Section E and record the maximum value of the contravention as the value of the asset listed in the financial statements. You should also provide details in the event description field describing the nature of the asset, and why the market value cannot be determined.

    Example 5: Maximum value of the contravention

    A fund contravenes section 65 by lending money to a member of the fund. The auditor reports the highest value of the loan (including unpaid interest) that was outstanding at any time during the year.

    End of example

    Question 16

    Has the contravention been fully rectified?

    Place X in the applicable box.

    Answer ‘Yes’ only if you have confirmed the contravention has been fully rectified.

    Answer ‘No’ if the contravention has not been fully rectified, even if it is in the process of being rectified.

    Example 6: Reporting rectified contraventions

    Mia is the auditor for the Connolly SMSF. She identified that during the 2012–13 year, the Connolly SMSF had loaned money to a member. At the time Mia conducted the audit, the loan had been repaid in full with interest.

    As the contravention met a reporting test, Mia reports the loan in a 2012–13 ACR as fully rectified.

    End of example

    Question 17

    What is the outstanding value to be rectified (last known)?

    Provide the outstanding value to be rectified if you have answered ‘No’ to question 16. Use whole dollars only.

    This question should only be left blank where contraventions with no monetary value are being reported (that is, section 17A, subsection 35C(2), section 62, section 85, section 103, section 104A, section 126K or regulation 4.09).

    Example 7: Outstanding value to be rectified

    A fund lent $200,000 to a fund member; the member repaid $150,000, plus interest. The auditor reports that the outstanding value to be rectified is $50,000, plus any unpaid interest.

    End of example

     

    Example 8: Applying the reporting tests

    Leon established an SMSF in 2009.

    Sian audits Leon’s SMSF for the 2011–12 year in November 2012 and identifies the following.

    • On 16 June 2012, Leon borrowed $10,000 from his SMSF’s bank account to pay his personal expenses. Leon thought it was allowable because the fund wasn’t using the money and he drafted a loan agreement. He gave no thought to paying interest for the loan. 
    • The fund has $420,000 in assets. It has a rental unit $300,000, unlisted shares in an unrelated private company $100,000, cash $10,000 and a loan of $10,000).

    Sian identifies the following contraventions.

    • A loan of $10,000, contravening section 65 – lending or providing financial assistance to members or their relatives.
    • Financial assistance of $458 (calculated using reasonable market rates from the date the money is taken out until 30 June) for failing to account for interest, contravening section 65 – lending or providing financial assistance to members or their relatives.
    • The investment is not at arm’s length because interest was not considered for the loan, contravening section 109 – investments to be maintained on an arm’s-length basis. 

    Sian tells Leon of the issues and explains the contraventions must be rectified by repaying the $10,000, plus interest. Leon assures Sian he will do this by the end of December 2012. This is the first time Leon has contravened the SISA and SISR.

    Sian uses the following tests to decide whether she should report the contravention.

    Test 1 – Did the fund fail to meet the definition of an SMSF?

    No.

    Test 2 – As at the end of the financial year, is the SMSF less than 15 months old and did the value of any single contravention of a section or regulation listed in tables 1A or 1B exceed $2,000?

    No. Leon established his SMSF in 2009, so it is older than 15 months.

    Test 3 – Have the trustees previously received advice of a contravention that they have breached again?

    No.

    Test 4 – Is there an identified contravention from a previous year that has not been rectified at the time this audit is being conducted?

    No.

    Test 5 – Did the trustees fail to meet a statutory time period by more than 14 days?

    Not applicable – there is no specified time period for these contraventions.

    Test 6 – Was the total value of all contraventions greater than 5% of the value of the fund’s total assets?

    The contravention value is calculated as follows:

    Section 65 – $10,000 loan, plus interest amount $458

    $10,458

    Section 109 – interest

    $458

    Maximum value of all contraventions

    $10,916

    The percentage value of the contraventions is $10,916 ÷ $420,000 = 2.59% (less than 5% threshold).

    In this example, there was only one event. If there was more than one event, you add the values of each event to give the total percentage of the contraventions.

    Test 7 – Was the total value of all contraventions greater than $30,000?

    The contravention total value is $10,916, which is less than $30,000.

    In this example there was only one event. If there was more than one event, you add the values of each event to calculate the total value of the contraventions.

    End of example

    As none of the reporting criteria were met, Sian is not required to report this contravention. She applies the Auditing and assurance standards and her professional judgment and decides not to report the contravention because Leon has assured her the contravention will be rectified by the end of December 2012. However, she qualifies the Independent auditor's report and details the contraventions and the required rectification actions in the management letter she provides to Leon at the completion of the audit.

    Example 9: Completing section E of the report

    During the next audit, for the 2012–13 year, Sian finds that Leon has not repaid the $10,000. Interest is calculated at $1,458 (calculated using reasonable market rates from the date the money is taken out until 30 June or date of repayment). She does not identify any other contraventions.

    Sian applies the tests to decide whether she should report the contravention.

    Example

    Test 1 – Did the fund fail to meet the definition of an SMSF?

    No.

    Test 2 – As at the end of the financial year, is the SMSF less than 15 months old and did the value of any single contravention of a section or regulation listed in tables 1A or 1B exceed $2,000?

    No. Leon established his SMSF in 2009, so it is older than 15 months.

    Test 3 – Have the trustees previously received advice of a contravention that they have breached again?

    No. Sian did not identify any repeated contraventions previously advised to the trustees.

    Test 4 – Is there an identified contravention from a previous year that has not been rectified at the time this audit is being conducted?

    Yes. Leon had been advised of the breach by the auditor in the previous year and had not taken any steps to repay the loan.

    • Leon failed to repay the $10,000 he borrowed during the previous year, contravening section 65 – lending or providing financial assistance to members.
    • Leon failed to pay interest on the borrowing, contravening section 65 – lending or providing financial assistance to members.
    • Leon failed to take steps to recover the outstanding interest on the borrowing, contravening section 109 – investments to be maintained on an arm’s-length basis.

    Each of these contraventions must be reported.

    End of example

    Because all the contraventions identified meet reporting test 4, Sian must report all the contraventions. (As Sian did not identify any further contraventions, she does not need to apply the remaining tests.)

    Sian completes Section E of the contravention report by including text as follows:

    Event 1

    - Question 8: Did the event commence before the audit period? Place X in the Yes box.

    - Question 9: Start date of event Enter 16/06/2012

    - Question 10: Describe the event, including any mitigating factors. Add text 'Leon borrowed $10,000 from the fund bank account to pay his sole trading business creditors. Trustee/s have not rectified this contravention from the previous year where this was identified and communicated to the fund.'

    - Question 11: Have all the contraventions been fully rectified or do the trustees have a plan to fully rectify all of them? Place X in the No box.

    - Question 12: What is the estimated completion date, or if fully rectified, when was this completed? Leave this blank

    - Question 13: Describe any steps taken to rectify the contraventions or any planned steps to rectify the contraventions. Add text 'None'

    - Questions 14 to 17:

    What sections/regulations have been, or may be, contravened? Enter s65 on the first line and s109 on the second line

    What is the maximum value of the contravention? Enter 11,458 on the first line and 1,458 on the second line

    Has the contravention been fully rectified? Place X in the No box, on the first two lines

    What is the outstanding value to be rectified (last known)? Enter 11,458 on the first line and 1,458 on the second line

     Example 10: Completing section E of the report for multiple events

    During the 2013–14 financial year audit conducted at the end of November, Sian finds:

    • Leon had repaid the $10,000 plus interest as previously agreed
    • on 27 January 2014, Leon borrowed $5,000 from the fund to pay a personal expense, again with the intention to repay the money to the fund
    • Leon used a residential unit the fund owned for three weeks over the Christmas period (25 December 2013–14 January 2014) and paid a commercial rental amount to the fund in advance
    • the fund has $520,000 in assets (rental unit $400,000, unlisted shares in an unrelated private company $100,000, cash $15,000, loan $5,000).

    Sian had also made a written request on 16 September 2014 for some bank statements and evidence of the value of the unlisted shares. Leon took two months to provide the bank statements and has not provided any evidence to support the market value of the shares.

    Sian identifies the following contraventions.

    • A loan of $5,000, contravening section 65 – lending or providing financial assistance to members or their relatives.
    • Financial assistance of $416 (calculated using reasonable market rates from the date the money is taken out until 30 June) for failing to account for interest, contravening section 65 – lending or providing financial assistance to members or their relatives.
    • The investment is not at arm’s length because interest was not considered for the loan, contravening section 109 – investments to be maintained on an arm’s length basis.
    • Use of the rental unit causes it to become an in-house asset, taking the in-house asset ratio above 5%, contravening section 83 – in-house asset – prohibition on further acquisition.
    • Trustee failed to take reasonable steps to ensure the in-house asset provisions were complied with, contravening section 84 – in-house assets – reasonable steps.
    • Failing to provide requested bank statement and evidence of the value of the unlisted shares within 14 days, contravening subsection 35C(2) – trustee to provide documents to the auditor.
    • The unlisted shares in the unrelated private company of $100,000 are listed in the financial statements at cost. The value of the unlisted shares could not be verified as being reported at market value contravening regulation 8.02B.

    Sian tells Leon of the contraventions and explains that he has to repay the $5,000, plus interest. Leon immediately repays $2,000 and the outstanding interest (calculated using reasonable market rates) but requires more time to repay the remaining amount. Leon decides to sell a business asset to obtain funds to repay the remaining $3,000. Settlement is due to take place in mid-January 2015. Sian calculates the interest for this period.

    Sian cannot determine the value of the contravention relating to the unlisted shares but in her professional judgment, thinks the understatement for this event could be greater than 5% of the value of the fund's total assets and greater than $30,000.

    Sian uses the following tests to decide whether she should report the contraventions.

    Example

    Test 1 – Did the fund fail to meet the definition of an SMSF?

    No.

    Test 2 – As at the end of the financial year, is the SMSF less than 15 months old and did the value of any single contravention of a section or regulation listed in tables 1A or 1B exceed $2,000?

    No. Leon established his SMSF in 2009, so it is older than 15 months.

    Test 3 – Have the trustees previously received advice of a contravention that they have breached again?

    Yes. The same contravention occurred in the previous two years and the auditor advised Leon.

    This must be reported.

    • Failing to account for interest (section 65 – financial assistance): The same contravention occurred in the previous two years. The contravention value to be reported is $5,453 (loan of $5,000 plus interest paid $416 plus interest payable $37).
    • Failing to account for interest (section 109 – non-arm’s length): The same contravention occurred in the previous two years. The contravention value to be reported is $453 (interest paid $416 plus interest payable $37).

    Test 4 – Is there an identified contravention from a previous year that has not been rectified at the time this audit is being conducted?

    No.

    Test 5 – Did the trustees fail to meet a statutory time period by more than 14 days?

    Yes. Failure to provide documents – subsection 35C(2) – trustee to provide documents to the auditor.

    Test 6 – Was the total value of all contraventions greater than 5% of the value of the fund’s total assets?

    Yes. Use of rental unit causes it to become an in-house asset, contravening section 83 in-house assets – prohibition on further acquisition.

    • The market value of the rental unit is $400,000.
    • The in-house ratio is calculated at 76.92% ($400,000 ÷ $520,000) which is over the statutory 5% limit.
    • The allowable in-house assets amount is $26,000 (5% × $520,000).
    • The maximum value of the contravention is $374,000 ($400,000 – $26,000).

    The total value of all contraventions is calculated as follows.

    Section 65 – lending or providing financial assistance to members

    $5,453

    Section 109 – investments to be maintained at an arm’s length basis

    $453

    Section 83 – in-house assets – prohibition on further acquisition

    $374,000

    Section 84 – in-house assets – reasonable steps

    $374,000

    Regulation 8.02B - asset must be valued at market value

    $100,000

    Total value of all contraventions

    $853,906

    As the total value of all contraventions is greater than 5% of the value of the fund’s total assets ($853,906 ÷ $520,000 = 164.21%) all identified contraventions must be reported – Sian does not need to apply test 7.

    The value of the unlisted shares cannot be verified and so the maximum value of the contravention must be reported on the form as $100,000. As the total value of the contravention is greater than 5% of the value of the fund’s total assets of $520,000, the identified contravention must be reported – Sian does not need to apply test 7.

    End of example

    Sian completes Section E of the contravention report by including text as follows:

    Event 1

    - Question 8: Did the event commence before the audit period? Place X in the No box.

    - Question 9: Start date of event Enter 27/01/2014

    - Question 10: Describe the event, including any mitigating factors. Add text 'Leon borrowed $5,000 from the fund bank account to pay his sole trading business creditors. He has previously been advised that this is not allowed.'

    - Question 11: Have all the contraventions been fully rectified or do the trustees have a plan to fully rectify all of them? Place X in the Yes box.

    - Question 12: What is the estimated completion date, or if fully rectified, when was this completed? Enter 15/01/2015

    - Question 13: Describe any steps taken to rectify the contraventions or any planned steps to rectify the contraventions. Add text 'Leon has repaid $2,000 plus interest to the fund. He is selling one of his business assets to provide the money to repay the remainder including interest.'

    - Questions 14 to 17:

    What sections/regulations have been, or may be, contravened? Enter s65 on the first line and s109 on the second line

    What is the maximum value of the contravention? Enter 5,453 on the first line and 453 on the second line

    Has the contravention been fully rectified? Place X in the No box, on the first two lines

    What is the outstanding value to be rectified (last known)? Enter 3,037 on the first line and 37 on the second line.

    Section E: Page 2Event 2

    SMSF's Australian Business number (ABN) and/or tax file number (TFN): Enter in the relevant boxes ABN 12345345345 and/or TFN 999999999

    - Question 8: Did the event commence before the audit period? Place X in the No box

    - Question 9: Start date of event Enter 25/12/2013

    - Question 10: Describe the event, including any mitigating factors. Add text 'Leon used the fund's rental unit over Christmas. Leon paid rent commensurate with rents in the resort for units which are under management. Leon is now aware this use is not allowed and has sub-let the unit to the resort management company.'

    - Question 11: Have all the contraventions been fully rectified or do the trustees have a plan to fully rectify all of them? Place X in the Yes box

    - Question 12: What is the estimated completion date, or if fully rectified, when was this completed? Enter 14/01/2014

    - Question 13: Describe any steps taken to rectify the contraventions or any planned steps to rectify the contraventions. Add text 'Leon used the property for 3 weeks and had vacated on the 14th of January.'

    - Questions 14 to 17:

    What sections/regulations have been, or may be, contravened? Enter s83 on the first line and s84 on the second line

    What is the maximum value of the contravention? Enter 374,000 on the first two lines

    Has the contravention been fully rectified? Place X in the Yes box, on the first two lines

    What is the outstanding value to be rectified (last known)? Leave this blank

    Event 2

    Event 3

    - Question 8: Did the event commence before the audit period? Place X in the No box

    - Question 9: Start date of event Enter 16/09/2014

    - Question 10: Describe the event, including any mitigating factors. Add text 'Request in writing made for documents required to verify accounts. Leon took 2 months to provide documents because he was away and could not be contacted.'

    - Question 11: Have all the contraventions been fully rectified or do the trustees have a plan to fully rectify all of them? Place X in the Yes box

    - Question 12: What is the estimated completion date, or if fully rectified, when was this completed? Enter 16/11/2014

    - Question 13: Describe any steps taken to rectify the contraventions or any planned steps to rectify the contraventions. Add text 'Documents were provided by the client when he returned and became aware of the request.'

    - Questions 14 to 17:

    What sections/regulations have been, or may be, contravened? Enter s35C(2)

    What is the maximum value of the contravention? Leave this blank

    Has the contravention been fully rectified? Place X in the Yes box

    What is the outstanding value to be rectified (last known)? Leave this blank

    Section E: Page 4Event 4

    - Question 8: Did the event commence before the audit period? Place X in the No box

    - Question 9: Start date of event Enter 01/07/2013

    - Question 10: Describe the event, including any mitigating factors. Add text 'The fund assets include unlisted shares with a reported value of $100,000. Leon has not provided documents to prove the market value of the unlisted shares. Although the estimated value of the contravention is unknown, it is considered to be greater than $30,000.'

    - Question 11: Have all the contraventions been fully rectified or do the trustees have a plan to fully rectify all of them? Place X in the No box

    - Question 12: What is the estimated completion date, or if fully rectified, when was this completed? Leave this blank

    - Question 13: Describe any steps taken to rectify the contraventions or any planned steps to rectify the contraventions. Add text 'Leon has provided unaudited financial statements with unlisted shares valued at cost. Leon is in the process of obtaining evidence that proves the market value of the unlisted shares by way of signed financial statements by all trustees and the recent sale of shares in the company to a third party.'

    - Questions 14 to 17:

    What sections/regulations have been, or may be, contravened? Enter R8.02B

    What is the maximum value of the contravention? Enter 100000

    Has the contravention been fully rectified? Place X in the No box,

    What is the outstanding value to be rectified (last known)? Leave this blank

    Event 4

    Last modified: 30 Jun 2019QC 17603