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?
February 2, 2017
January 30, 2017
January 27, 2017
Subscribe to the Baggetta newsletter to stay updated with regular industry and company news.
For more information about the services we provide, or to find out if you are eligible for a free no-obligation consultation, call us now on 9317 7300.
The information provided on this website is for general guidance only and is no substitute for professional advice. It should not be used as a substitute for legal, business, accounting, tax, financial planning or other professional advice.