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Related party transactions in a SMSF – What are the issues?

 

Section 66 of the Superannuation Industry Supervision (SIS) Act is a challenging piece of legislation for SMSF Trustees.

 

This article clarifies the issues surrounding these two important questions:

 

1. Will the trustees of an SMSF breach section 66 of the SIS Act if the trustees appoint as their agent, a related party to purchase the goods and materials on behalf of the trustee and those goods and materials are used in the construction of a building on land owned by the SMSF?

 

2. Will the trustees of an SMSF breach section 66 of the SIS Act if the trustees execute a deed of bare trust to finance the purchase of goods and materials used by a related party in the construction of a building on land owned by the SMSF?

 

http://www.moneymanagement.com.au/smsf-weekly/smsf-strategies/smsfs-and-related-party-transactions

 

 

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