#8147
Awan Hammad
Participant

    Hi Pardeep

    I agree that section 67 of SIS requires that a SMSF must not borrow money. There are exceptions listed in section 67 for certain borrowings re paying for a member benefit, paying a surcharge or purchase of securities. There are also the limited recourse borrowing arrangements covered by sections 67A & 67B of SIS.

    In your example section 67 has been breached (assuming it is not a limited recourse borrowing arrangement). There are no other sections of SIS that have been breached in my view.

    Thanks

    The Auditors Institute

    LOGIN

    New to this site? Sign Up

    We have upgraded our website for a better experience.

    Because of this upgrade, all members need to change their password to access their account by clicking the Forgot Password button below.

    Thank you and we look forward to your continued support!