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Who is your relative for SMSF purposes and why is this relevant?

Publication date: 28 Nov 17 | Source: AUSTRALIAN TAX WEEK

Issue: Issue 47, 24 Nov 2017

Pages: pp. 1-3

Abstract:

It is important to understand who is an individual’s relative for superannuation law purposes as the Superannuation Industry (Supervision) Act 1993 (Cth) (SISA) imposes certain boundaries on an SMSF’s activities in relation to an individual’s relative or related party. There are two definitions of the term “relative” in the SISA. Oddly, in some circumstances, an individual’s relative may not be their relative under the SISA! This article considers the two definitions of “relative” in the SISA and the main circumstances where these definitions are relevant.

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Joe CHEUNG
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David Oon
David is a Consultant with DBA Lawyers. - Current at 01 August 2013
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