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    Md Ashfaque Alam
    Apr 09, 2021

    Financial Assistance to its member

    in  SMSF Technical Forum

    I am auditing a fund where the fund provided financial assistance to one of its members. The amount is only $264. The member paid benchmark interest to the fund on the loan amount but the actual loan amount was not paid as at June. There is no contravention for in house asset as it is well below 5%. But based on the fact that the benefit was provided to the member will an ACR need to be lodged irrespective of the threshold i.e. $3,000 or 5%?

    2 answers0 replies
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    2 Comments
    Md Ashfaque Alam
    Apr 12, 2021

    Thank you. I knew that would be the case but just wanted to make sure.

    1

    SMSF AAA
    Apr 12, 2021