If you have some how used a personal account to buy assets with SMSF funds here is what you need to know.
- You do not own the asset in your SMSF.
- Your SMSF lent money to you personally.
- You personally bought the asset with money lent to you from the SMSF.
- You need to sell the personal asset and pay back the SMSF immediately. The exact dollar amount that left your SMSF bank account needs to go back into the SMSF bank account. No more and no less. Exactly means exactly.
- If you made a profit or loss, this profit or loss is personal and is not associated with the SMSF.
- In your SMSF Portal, please notify us of the date the money left and re-entered the SMSF bank account along with the dollar amount and a note stating that you “accidentally send funds to the wrong account but have sent the money back”.
- If you want to purchase assets with the SMSF funds, open a dedicated SMSF account with one of our approved exchanges and follow the instructions clearly outlined in your Welcome Pack.
Our processes are in place for good reason and allow us to provide our service at the best possible price to clients. If we are required to fix any errors that are the fault of clients not following our processes we reserve the right to charge an additional $550 for each error before we lodge any returns.
If at any stage you are unsure about using the correct accounts please contact us and we will be happy to assist.