On Thursday 19 February, ESV held its annual Accounting and Financial Reporting Update Breakfast event. ESV has run this event for a number of years, as part of our mission to keep our clients informed and up to date on the latest accounting and business news.
The issue of related party loans to SMSF’s has been a hot topic over the last few years with the ATO expressing differing views through various mediums.
In a recent speech Prime Minister Tony Abbott highlighted a range of issues that have been impacting Australia over the last year, as well as outlining his plan for the future. As part of this speech changes to previously announced policies were made, which could have significant impact on Australian businesses.
If your SMSF holds indivisible assets, you may encounter certain issues in the instance of death or a member leaving the SMSF. In particular, issues may arise if the SMSF holds indivisible assets in the form of a property where a family business is run from.