Highlights
• The Full Federal Court has handed down judgment in the appeal by Aussiegolfa Pty Ltd (in its capacity as trustee of the Benson Family Superannuation Fund (BFSF)).
• The Court held that the primary judge was incorrect in concluding that the leasing of the residential property held by the sub-fund to a child of a member of the BFSF was a breach of the ‘sole purpose test’.
• The Court held that the primary judge was correct to conclude that the units held by Aussiegolfa Pty Ltd in a sub-fund of the DomaCom Fund constituted an investment in a ‘related trust’ of the BFSF.
DomaCom CEO, Arthur Naoumidis, said: “DomaCom is very pleased to have the court confirm that it was not a breach of the Sole Purpose Test when a related party of the BFSF rented a property held by the DomaCom Burwood sub-fund. We believe that this finding, on its own, represents a milestone for the SMSF industry.”
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