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Jason G

Oct 12, 2023

PPSR Search Result

in SMSF Technical Forum

I have conductd a Personal Property Securities Register search and it has come up with two registered security interests against the SMSF.

These relate to a property that the fund no longer owns and has not owned for many years. The fund now just cash cash and some listed investments.

Given the asset / asset class relating to the 'registered interest' no longer is held by the fund, is there any issue in this case?

Thank you

1 comment

Comments (1)

THE AUDITORS INSTITUTE

Oct 12, 2023

Hi Jason

SIS Regulation 13.14 requires that:

"Trustees must not give a charge over, or in relation to, an asset of the fund".

If the Fund no longer holds an asset there is no breach of SIS assuming the charge relates to a new owner of the asset.

Thanks

The Auditors Institute