Spike in SMSF borrowing breachesBY MARK SMITH | FRIDAY, 23 JAN 2015 12:20PMThere has been a spike in the number of self-managed super fund (SMSF) breaches related to borrowing, research by Partners Wealth Group shows. Related News |
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Judith Fiander
CHIEF EXECUTIVE OFFICER
AUSTRALIAN PHILANTHROPIC SERVICES
AUSTRALIAN PHILANTHROPIC SERVICES
When Judith Fiander first walked in the doors of Australian Philanthropic Services her intention was to volunteer for a few months. Fast forward 14 years and she is the chief executive. Eliza Bavin writes.
"'my suspicion is that there has been confusion, resulting in some SMSF trustees thinking it was permissible to use their fund to borrow to overcome a short term liquidity problem - much like a small business seeking a temporary extension to a bank overdraft in difficult circumstances."
That sounds more like an in house asset or maybe financial assistance to a member problem than a LRBA issue