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Hi Admin and Team
Hope you're well.
Can superfund acquire foreing currencies from the member at current exchange rates?
If the answer is yes, then which exchange rates will be acceptable to consider the transaction is at arm's lenght.
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Hi Umesh
I have not come across this issue previously.
My view is that it cannot occur as it is not one of the exceptions allowed for in section 66 of SIS (mainly that foreign currency is not listed shares or business real property).
My initial view is that it should be allowed but I cannot see how it would overcome the section 66 requirements. If the trustees want to persue it they could ask the ATO for their view or get an opinion from a superannuation lawyer.
If any member has come across this before or can add anything further please let the forum know.
Thanks
SMSF AAA