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nothing. It is a breach for the SMSF and penalties for the SMSF will depend on how they deal with the ATO on this matter and if and how the trustees fix the breach. I think in some cases the trustee can be fined.

I have already taken note of their names just in case the audit comes into my office.

They can not, sort of. http://www.cleardocs.com/clearlaw/superannuation/smsf-holiday-homes.html Acceptable maintenance of a beach house: merely an incidental benefit In line with an SMSF investment strategy, the SMSF trustees invest in a holiday house in North Queensland. The property...