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Ahead of the 30 June deadline, the ATO is “very concerned” that SMSF trustees are not meeting or aware of certain conditions that would qualify their related-party loan as being on commercial terms, according to one industry lawyer.
In late 2014, the ATO released two interpretative decisions which indicate that borrowings on non-commercial terms can cause non-arm’s length income.
Read the full story at SMSF Adviser.