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Repairs/renovation to a property purchased in a SMSF
No. A fund must not borrow except some exceptions contained in s67 SISA. (Superannuation Industry Supervision Act 1993) A related party loan MUST only comply with s67A and if the fund already owns property, it won't work. s67(7) reminds that contravention is a criminal offence. There is a...- Paul@PFI
- Post #5
- Forum: Accounting and Tax
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Repairs/renovation to a property purchased in a SMSF
There are many concerns that can arise if the fund trustee/members undertake reno's etc to a fund property. Tax Ruling TR 2010/1 deals with "What is a contribution" and this issue gets some mention. Ideally the fund should not acquire anything from a member. eg a reimbursement can be...- Paul@PFI
- Post #3
- Forum: Accounting and Tax
