I have conductd a Personal Property Securities Register search and it has come up with two registered security interests against the SMSF.
These relate to a property that the fund no longer owns and has not owned for many years. The fund now just cash cash and some listed investments.
Given the asset / asset class relating to the 'registered interest' no longer is held by the fund, is there any issue in this case?
Thank you
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Hi Jason
SIS Regulation 13.14 requires that:
"Trustees must not give a charge over, or in relation to, an asset of the fund".
If the Fund no longer holds an asset there is no breach of SIS assuming the charge relates to a new owner of the asset.
Thanks
The Auditors Institute