In the press:
SMSF Adviser article: Bank overdrafts can breach section 67
Bank overdrafts and audit qualifications
“Marjon Muizer, managing director of Red Willow Super, said the Australian Taxation Office’s (ATO) SMSFR 2009/2 covers borrowing rules and states that a bank overdraft is considered a breach and provides examples.
“One example covers fund trustees who have made a payment from the bank account of the fund, but the amount was larger than the balance, so it results in an overdraft on the bank account,” Muizer said at the SMSF Association Auditor’s Day.”
