I don't know what the business is but you probably already know that the ATO has been very strict in applying the sole purpose test. There are some classic rulings from the ATO and fund accountants/auditors are very weary of meeting the sole purpose test. My understanding is that the sole purpose test prohibits renting a property to a fund member or their family members. A well known opinion on the application of the sole purpose test to artwork is that it is OK for a SMSF to own artwork but it cannot allow that artwork to be displayed on the property of a SMSF member or their family. In other words, your SMSF can own artwork as an investment but the members can't look at it.
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4 | 105207 | 2.230 |
Price($) | Vol. | No. |
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2.320 | 2728 | 1 |
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