A two member SMSF which held private secured notes (unrelated parties) as the major asset has rolled the members' funds to two new SMSFs by way of in specie transfer of the secured notes. This seems like an acquisition from a related party (the old SMSF) by the new SMSFs which we are now auditing.
Is an in specie rollover of this type of investment allowable by the SIS Act?
Thank you both! Much appreciated