SMSF & Family trust
- Thread starter rambada
- Start date
Hi there
In general, self managed super funds are restricted from lending. to, investing in, or leasing to, a related party of the fund more ...
www.ato.gov.au/content/downloads/nat11393.pdf
thanks
In general, self managed super funds are restricted from lending. to, investing in, or leasing to, a related party of the fund more ...
www.ato.gov.au/content/downloads/nat11393.pdf
thanks
Fastest way I know to make your super fund non compliant
The tax department would be onto you like a one armed bandit from bagdad my friend
.There is a very good section on the ATO website entitled; Your super "Its not your money yet". The penalties are so severe you don't want to think about it. If your fund is deemed noncompliant they will back date that to the day you started your superfund and tax it retrospectively at the top marginal rate plus penalty interest from day one plus a nice big fat fine to clean up whatever crumbs you have left
The tax department would be onto you like a one armed bandit from bagdad my friend
.There is a very good section on the ATO website entitled; Your super "Its not your money yet". The penalties are so severe you don't want to think about it. If your fund is deemed noncompliant they will back date that to the day you started your superfund and tax it retrospectively at the top marginal rate plus penalty interest from day one plus a nice big fat fine to clean up whatever crumbs you have leftThis weekend's Fiancial Review has a story about a Queensland couple that used $115K from their super fund to pay their companys private debt.
Fined $30k
Order to pay $32.5k in costs
OUCH
The court found "the contravention was deliberate and significant as it stripped the fund of assests.
Trustees who break the law are liable to fines upto $220k"
DOUBLE OUCH
Best to talk to your SuperLawyer before going down that path.
Fined $30k
Order to pay $32.5k in costs
OUCH
The court found "the contravention was deliberate and significant as it stripped the fund of assests.
Trustees who break the law are liable to fines upto $220k"
DOUBLE OUCH
Best to talk to your SuperLawyer before going down that path.
Your SMSF cannot directly lend to your family trust.
However if you satisfy a condition of release (ie over 60 or retired) you can withdraw a lump sum from your SMSF. As the money is now in your hands, you can lend to your family trust.
You can also do the same if you are on a TTR if you have sufficient funds.
However if you satisfy a condition of release (ie over 60 or retired) you can withdraw a lump sum from your SMSF. As the money is now in your hands, you can lend to your family trust.
You can also do the same if you are on a TTR if you have sufficient funds.
