25 Feb 1010 SMSFs: the acquisition of an asset from a related party - SMSFR 2010/1
This final Self Managed Superannuation Funds Ruling was issued on 25 February 2010. It was previously released in draft form as SMSFR 2008/D2.
The Ruling explains whether an asset is intentionally acquired by a trustee or investment manager of a self managed superannuation fund (SMSF) from a related party of the SMSF for the purposes of s 66(1) of the Superannuation Industry (Supervision) Act 1993 (SISA).
Section 66(3) prohibits a person from participating in a scheme with the intention that an acquisition would avoid the application of s 66(1) to the SMSF. The Ruling does not discuss in any detail the prohibition of avoidance schemes under s 66(3).
Further, the Ruling does not provide the Commissioner's views on:
- whether an asset acquired is a contribution to the SMSF or how to work out the market valueof the asset acquired; or
- how other SISA and Superannuation Industry (Supervision) Regulations 1994 (SISR) provisions apply to any of the arrangements discussed in the Ruling.
For a copy of SMSFR 2010/1, go here