Rob - Glad you mentioned that issue. In my former role I looked at many of the bank / lawyers bare trusts and some had issues that triggered a CGT event due to the Abs Ent problem. So much for relying on the bare trust. ATO referred the work we had done in this area to Treasury who agreed that...
I rarely recommend a bank SMSF loan.There are several ways to effect the same thing which are just as acceptable to ATO and they are just simpler and cheaper. And far far more flexible. The Limited Recourse loan is a lender of last resort facility in my book. To me its like funding a IP on a...
SMSF Borrowing
Who said a SMSF loan in compliance with s67A has to be held on a bare trust ??
Before many of you pound the keyboard hurling polite forum abuse I will ask you to re-read s67A and find where this legislation refers to a "bare trust". In fact it doesnt prescribe the manner of...
s67A
An accountant offerring his "own trustee" company for a bare trust?
Hmm smells wrong. Lets break it down. Need to look at the deed for the bare trust. I will argue it will probably refer to that entity. The accountanst company will be the legal owner of the property on title. One day...
