We have our SMSF bank account with one of the big four banks, and recently, we just settled our investment property with a tier 2 lender. When we checked our online account with the tier 2 lender, an offset account was set up as well. Can we transfer some of the money sitting on our SMSF bank account to our tier 2 offset account? Is this still acceptable by the ATO in terms of SMSF compliance?
Can we transfer some of the money sitting on our SMSF bank account to our tier 2 offset account?
No - that would be borrowing from the SMSF by a member.
Is this still acceptable by the ATO in terms of SMSF compliance?
No
Thanks, Bruce4Tax for your reply.
Even though the property that we are talking about is owned by the SMSF trust fund?
This investment property is not under our personal names.
Still not compliant?
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