655 paragraphs found
The auditor remains alert to circumstances which indicate that the SMSF is running a business or conducting operations which may be akin to running a business, as this activity may breach the sole purpose test. Indications that a business is being …
Investments in related unit trusts, where trustees or members of the SMSF are also trustees of the related unit trust, are common SMSF investments. The auditor considers the sole purpose test in light of the investments held in, and by, the related unit …
Also refer to ATO Ruling SMSFR 2008/2: The application of the sole purpose test in section 62 of the SISA to the provision of benefits other than retirement, employment termination or death benefits …
Collectables and personal use assets under the SISA and SISR are permitted investments for SMSFs, provided the asset was not acquired to provide a personal benefit for the member or their related parties. Collectables or personal use assets [160] that are …
An IHA of a SMSF is an asset that is a loan to a ‘related party’ (defined term), an investment in a related party, an investment in a related trust, or an asset of the SMSF subject to a lease between the trustees and a related party of the SMSF. [168] A …
Collectables and personal use asset list contained in regulation 13.18AA(1) of the SISR. …
Restrictions were subject to transitional arrangements. Collectables and personal use assets held by funds prior to 30 June 2011 were not subject to restrictions until 1 July 2016, at which time trustees were required to comply with all restrictions. This …