The Tax Office has released a Draft SMSF Ruling in which it explains the Commissioner’s preliminary view on the core concepts in the definition of ‘in-house asset’.
The core concepts are ‘asset’, ‘loans’, investment in’, ‘lease’ and ‘lease arrangement’.
Broadly, the in-house asset rules prevent an SMSF from lending money to or investing in assets held by its members.
Contravention of the rules may result in an SMSF becoming non-compliant.
February 2, 2017
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January 27, 2017
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