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READ MOREATO zones in on benchmarking for related party loans
The ATO has taken a tough stance on a number of related party loans recently, determining that quotes obtained by SMSF trustees from lenders were not sufficient proof that their loan was on commercial terms.
Speaking to SMSF Adviser, Australian Executor Trustees senior technical services manager Julie Steed warned that obtaining a quote from a lender may not be adequate proof that an LRBA is on commercial terms, with the ATO determining that a number of SMSFs relying on this evidence did not have loans on commercial terms.
Read the full article at SMSF Adviser.
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