All Topics / Help Needed! / Staying in a holiday rental owned by the fund

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  • Profile photo of steves741steves741
    Participant
    @steves741
    Join Date: 2014
    Post Count: 1
    June 28, 2014 - 1:02 pm

    Hi,

    I have read that the rules around fund members using a holiday rental property for their own purposes, even if for only one or two nights, are very strict, as the property may then fail the in-house asset test. Is this accurate, given that the property is otherwise used entirely for business purposes? And the next obvious question, how could it ever be established that the fund members used the rental property themselves anyway, if no booking was recorded for that time?

    Thanks in advance,

    Steve

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    June 28, 2014 - 5:38 pm

    Hi Steve

    Yes hate to say under the SISA legislation that is correct.

    Some of the rules are crazy especially when you get into area of “in house assets”.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

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