Poor asset records causing serious breaches, cautions ATO
The ATO has stressed the importance of clearly distinguishing SMSF assets, with some funds losing assets to lenders following personal debts because they were not recorded correctly.
Speaking at the SMSF Association’s national conference in Adelaide last week, ATO assistant commissioner Kasey Macfarlane said it is important fund assets are clearly distinguished as such, and that legal ownership of those assets is correctly recorded in the fund’s name.
Read the full story at SMSF Adviser.
