Update on issues affecting SMSFs
The breaches most commonly reported to the ATO by SMSF auditors are trustees investing in, or transacting with, related parties in breach of the rules. This can include providing a loan or other financial assistance to a member or relative, which is prohibited.
Further, it is also common when there is a ‘loan’ to a member that it doesn’t meet the characteristics of a genuine loan anyway, and the member is simply accessing their super before they are entitled to.
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