#9789
Dawood Hassan
Participant

    I am also auditing a similir SMSF, where a unit trust (non geared) with realted parties was setup to owns a land and a related party (construction company) is engaged to build a house on the land.

    The unit trust will be issuing more units as it requirs funds to pay for the construction.

    What sort of things, should I be looking for to ensure that the SMSF does not contravene s.62, 65, 67,82-85 and 109

    I have reviewed the link that you have mentioned in reply above, could you please shed further lights on the point you made as follow;

    “as a positive it appears they have set up the process correctly re the bank account and the purchase of materials (to avoid acquisition of assets from related party issues)”.

    Regards

    Dawood Hassan

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