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Anand Gupta

Mar 10, 2022

Multiple Roles by Professional Lawyer

in SMSF Technical Forum

Dear All,

I have a few funds from one accountant to audit. Here is the observation so far, names are for illustration purposes only.

1- SMSF Trustees have paid a referral Fee to ABC Pty Ltd, the invoice doesn't say much more than this

2- Then a Lawyer (ASIC shows no relation to ABC Pty Ltd))

1- Sets up the SMSF fund - invoice issued as No Advice Given, One-off engagement

2- Creates a loan agreement between SMSF and another newly created Investment Trust by him

3- acts as trustee of the Investment Trust (Money Loaned to Investment Trust)

3- The Interest and other terms don't appear to be arms-length and interest and repayments are not made properly

I need some help and guidance on this, appreciate any help in this regards

2 answers0 replies

Comments (2)

Anand Gupta

Mar 12, 2022

Thanks, SMSF AAA Team, I have requested the trustee to explain the referral fee invoice, along few other queries related to the investments. Thanks, Anand