The SMSF bought a residential property by LRBA and then used its own funds to convert the property into short term rental accommodation (improvements and furnishing). The SMSF spent about $110k, some money was spent from credit card of members and then reimbursed from the SMSF, some is not even reimbursed. There is about 10k of expenses spent personally by CC or cash and not reimbursed, also there are some invoices in the member name and some expenses have no invoices just the CC transactions in the CC statement.
My question is :
Has the property identity changed?
How should we go about the expenses for which the invoices are in the member name, no invoices or just CC transaction history only ?