THe sales contract NSW property paid by SMSF cash no liability is only under husband and wife ATF SMSF. The 3rd trustee the son has zero members statement. Will this be problem. Thanks
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Hi Maria
Yes, the property should be in the names of all the trustees as trustee for the SMSF.
This may be able to be easily rectified by removing the son as an individual trustee given that he has a $0 member balance.
Your example shows that preferably with property and a SMSF the trustee should be a corporate trustee rather than individuals.
Thanks
SMSF AAA