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The way I read it is that improvements can be funded from the SMSF's own funds (but not borrowed funds) whilst the asset is under a SMSF loan arrangement so long as the changes do not result in a different asset & do not fundamentally alter the character of the asset or the proprietary rights...

The ATO today released a new draft SMSF ruling (SMSFR 2011/D1) which seeks to clarify a number of contentious issues involving SMSF limited recourse borrowing arrangements including; The ruling if and when passed, will allow money borrowed under the borrowing arrangement to not only acquire...