Jointly Owned Assets Where a SMSF Is One of the Parties

question 3

Multiple Choice

Jointly owned assets where a SMSF is one of the parties is recommended to be legally held in which form?

• A) Joint tenants.
• B) Tenants in common.
• C) Either a or b
• D) None of the above.

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Definitions:

Withdraw

To take money out of an account or to remove oneself from a particular situation.

Compounded Annually

A method of calculating interest where the interest for the year is added to the principal sum, thus interest in the next year is on the increased sum.

Loan Amount

The total sum of money borrowed in a loan, which the borrower agrees to pay back along with interest.

Quarterly

Occurring every three months or four times a year, often used in financial reporting or billing cycles.