The SMSF Professional Association of Australia (SPAA) has released guidelines of disclosures that should be made to trustees of a SMSF by lenders.
The guidelines include the disclosure that the Lender will not be responsible if the borrowing arrangement does not comply with the SIS Act. The ultimate responsibility for SIS Act compliance lies with the trustees of the SMSF.
Our Business Lawyer Parramatta can review your SMSF loan documents and provide advice in relation to compliance. As the penalties for non-compliance can be harsh, we encourage SMSF’s to contact our Business Lawyer Parramatta to discuss the proposed arrangement before any loan is entered into.
Phillip Brophy – firstname.lastname@example.org or 9635 7966