15d In-house assets
Did the SMSF hold any in-house assets on 30 June 2016?
Print X in the No box at A. Go to 16 Liabilities.
- Print X in the Yes box at A.
- Write at A the total value of the in-house assets on 30 June 2016.
- 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.
For more information on what is an in-house asset see:
Last modified: 12 Aug 2016QC 48236
- 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.