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The Fund DoctorThe Fund Doctor is a service that is becoming increasingly popular. We expect that this is due to the growing awareness of the importance of compliance, perhaps as a legacy of the ATO’s educational campaigns and the Financial Services Reform Act. The Fund Doctor involves a full SMSF compliance “health check” that culminates in a written report to identify any compliance irregularities together with their appropriate remedies. The service is not a formal audit that requires the disclosure of compliance contraventions to the ATO. Rather, it’s a confidential arrangement available to trustees and their service providers that is designed to provide assurance and guidance in relation to a fund’s compliance. Accountants or advisors who may have compliance concerns about their client’s SMSFs may also use the Fund Doctor. It’s a sure way of obtaining non conditional independent analysis and solutions without compromising the client relationship. Remember, trustees are unable to abrogate their responsibilities, therefore, the buck stops with them. Be sure to mitigate such downside by obtaining independent verification that the I’s are dotted and the T’s are crossed. For contact information, click here. |