Fitzmaurice and Commissioner of Taxation (Taxation) [2019] AATA 2217

TAXATION — Superannuation — Self-managed Super Fund — Contravention of statutory imposed obligations by the responsible officer of the body corporate — Lending money to members — Breach of “sole purpose” test — Early release of benefits — Financial hardship — Late lodgement and failure to lodge annual returns — failure to maintain investments at “arm’s length” — Failing to keep up-to-date market valuation of the major asset of the fund — Failure to keep records — Superannuation Industry (Supervision) Act 1993 (Cth), ss 31, 35AE, 35B, 35C, 35D,62, 65, 103, 104, 105, 109, and 126A — Decision affirmed

Full decision here