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I am auditing a fund where the fund provided financial assistance to one of its members. The amount is only $264. The member paid benchmark interest to the fund on the loan amount but the actual loan amount was not paid as at June. There is no contravention for in house asset as it is well below 5%. But based on the fact that the benefit was provided to the member will an ACR need to be lodged irrespective of the threshold i.e. $3,000 or 5%?
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Thank you. I knew that would be the case but just wanted to make sure.