Could I be controversial? If dealings are at arm’s length, the sole purpose test will be met. This is not how most people think of or explain the sole purpose test. Indeed, this is not how the ATO in SMSFR 2008/2 approach the sole purpose test. Also, it is not how courts or the AAT [read more]
Many do not realise the extent of the disqualified person provisions in the Superannuation Industry (Supervision) Act 1993 (Cth) (‘SISA’). This can result in a person inadvertently acting as trustees of self managed superannuation funds (‘SMSF’) while disqualified. Doing so exposes these trustees to significant penalties. We explore some of the nuances of the disqualified [read more]
