I have been asked by my good friend to be an 'independent' trustee of his yet-to-be-setup SMSF. I don't have my own SMSF. Basically he wants to access his super to put up a deposit for a business he wants to purchase.
I'm wondering whether this plan may breach 'arm's length' notion.
What should I do? If ATO feels this is shonky, do I become the fall guy? Any advice or examples of cases would be much appreciated.
