• 15d In-house assets

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    Did the SMSF hold any in-house assets on 30 June 2015?

    No

    Print X in the No box at A. Go to 16 Liabilities.

    Yes

    Read on.

    • Print X in the Yes box at A.
    • Write at A the total value of the in-house assets on 30 June 2015.
    • Make sure that any amount you include at A are also included at A to T in 15a, 15b and 15c. Do not include at A any related party investments that are not in-house assets.

    Identifying in-house assets

    Generally, an in-house asset of an SMSF is an asset that is:

    • a loan to a related party of the SMSF
    • an investment in a related party of the SMSF
    • an investment in a related trust of the SMSF, or
    • subject to a lease or lease arrangement between the trustee of the SMSF and a related party of the SMSF.

    Related parties of an SMSF are:

    • all members of the SMSF and their associates
    • all standard employer-sponsors of the SMSF and their associates.

    Associates of a member of the SMSF include:

    • every other member of the SMSF
    • relatives of any member of the SMSF
    • business partners of any member of the SMSF
    • companies and trusts that any member of the SMSF controls (either alone or with their other associates).

    A standard employer-sponsor is an employer who contributes to a super fund for the benefit of a member, under an arrangement between the employer and the trustee of the SMSF. Associates of a standard employer-sponsor include:

    • business partners
    • companies or trusts that the employer controls (either alone or with their other associates)
    • companies and trusts that control the employer.

    Some in-house asset exceptions do exist, such as a lease or lease agreement, between the SMSF and a related party of the SMSF involving business real property. There is also a limited exception for certain investments in related non-geared unit trusts and companies.

    Note:

    For more information on what is an in-house asset see:

    Part 8 of the Superannuation Industry (Supervision) Act 1993

    Self Managed Superannuation Funds Ruling SMSFR 2009/4 Self Managed Superannuation Funds: the meaning of ‘asset’, ‘loan’, ‘investment in’, ‘lease’ and ‘lease arrangement’ in the definition of an ‘in-house asset’ in the Superannuation Industry (Supervision) Act 1993.

    Last modified: 15 Jan 2016QC 44344