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J - you should sue :o or at least make a claim against them which they will probably settle without going to court. You would have a claim against the lawyer, the accountants and the auditor. The auditor should be banned for rubber stamping as this is basically fraud. It is going to cost you...

With SMSFs you must expect constant legislative change. Changing faster than the tax acts and harder to keep up to date with. ? even for advisors. It makes advisors prematurely bald. I can guess who your set up your structures with and they are no lawyers and this is out of their depth. Just...

Sounds like you might have a pre 1999 unit trust? My guess is that both you and the SMSF own units in the unit trust and the trust has borrowed. This is no longer possible as it is prohibited under SIS Reg 13.22C but existing structures can continue and be complying but small changed could make...