If an SMSF borrows money then they have a problem with the ATO.
Investment restrictions
The trustees can demonstrate that they have not:
lent money to, or provided financial assistance using the resources of the fund to, a member or member’s relative
borrowed money
acquired assets from ‘related parties’ of the fund – related parties include all members of the fund and their associates and all employer sponsors of the fund and their associates, or
leased, loaned or invested more than 5% of the fund’s total assets in related parties of the fund – these assets are known as ‘in house assets’.
http://ato.gov.au/super/content.asp?doc=/content/19097.htm&pc=001/007/122/011&mnu=&mfp=&st=&cy=1
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