Superannuation trustees penalised

The trustees of a self managed superannuation fund have been issued penalties of $30,000 and ordered to pay $32,500 in costs for breaching the rules relating to their fund. On 15 October 2007 the Federal Court declared that the trustees for the Axent Group self managed superannuation fund (SMSF) had breached superannuation legislation by selling…

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SMSF borrowing ban reversed

The Federal Government has overturned a longstanding ban on borrowing by self-managed superannuation funds (SMSF). Many funds had, for years,been investing in instalment warrants until the Australian Taxation determined that some warrants constituted a borrowing by the fund. Instalment warrants are now an eligible form of gearing for an SMSF, following an amendment to the…

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