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Jennifer Yu

Nov 15, 2023

SMSF sells shares of a unlisted company

in SMSF Technical Forum

This client had investment into an unlisted company which SMSF owns 49%, recently they sold the SMSF ownerships of this company to the individual members at the market value based on their account prepared financials. The funds received the sales money in June 2023, however when we asked the client to provide the supporting documents for the sale of shares such as the updated ASIC registration of this company a few weeks ago, they provided a current ASIC with the share transfering date of 13 Nov. 2023. Are there any contravention or breach here?

Thank you in advance,

Jennifer

2 comments

Comments (2)

KOON CHENG WEE

Nov 24, 2023

As long as the transaction is at arms length, the SMSF has not contravene. Perhaps, the shares in the unlisted company should bde professionally valued.