Retirement and Estate Planning - duplicate

Information

Planning

1. WILLS

Does the client have a Will that is appropriate for their current circumstances?<br>
Where is a copy of the will kept?
Does the client need to update their will so that superannuation interests and other assets are bequested in a tax effective manner?
Has the client considered the taxation advantages of setting up a testamentary trust?
Copy of relevant documents

Wills

Superannuation

Would the client be advantaged by starting a transition to retirement pension?
Would the client benefit from the asset protection features of superannuation?
Would the client benefit from establishing a SMSF superannuation fund?
Would the client benefit from an anti-detriment strategy and/or a reserving strategy?
Does the client need or would benefit from passing the work test... 40 hours in any 30 period during the year... Particularly the receipt of a PAYGW certificate?
What are the taxation implications of any payout from superannuation?
Relevant documents

Investment Options

Employment Records

Are staff being paid correctly approved rates
Do fringe benefit arrangements comply with FBT legislation and church policies?
Has employee withholding tax been correctly calculated and promptly remitted to the ATO?
Have payments for supply and other personal services arrangements been correctly treated with either.. TFN, ABN or volunteer declarations obtained?
Have assessments for workers compensation, superannuation and other benefits been correctly determined and promptly remitted to relevant authorities?
Have BAS returns been prepared in accordance with financial records and lodged promptly?
Have you reviewed the Integrated Client Account for timely lodgment of BAS returns and any refunds that may be due?

Treasury Oversight

Copy of minutes
Have you reviewed the approved minutes of all meetings for the year and noted any significant financial decisions?
Do minutes of meetings evidence proper oversight of financial affairs and approval of expenditures?
Was a budget approved for the year and actual receipts and payments compared to the budget periodically during the year?
Have all points raised by the prior year review been adequately addressed by TCWG?
Has the Treasurer (and/or committee members) signed a statement for the accounts
Copy of Treasurer's Statement

Financial Report

Financial Report on file?
Does the financial report agree with the financial records?
Do prior year comparative figures agree with prior year reports?
Do the classification of income and expense items comply with church reporting guidelines and policies?
Are the additions of the report correct?
Have all items been correctly and fully disclosed in the reports, especially any trust monies?
Have all errors and recommendations been documented and reported to TCWG?
Are you satisfied that the financial report is accurate and an assurance statement can be issued?
Copy of Review Statement
Signature of assessor