The Purchase of an Asset by a SMSF from a Member

question 1

Multiple Choice

The purchase of an asset by a SMSF from a member will be regarded as being on an arm's length basis when it is purchased at:

• A) not more than market value.
• B) not less than market value.
• C) market value.
• D) none of the above.

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Definitions:

Fee Simple

The highest interest in land, equivalent to ownership; an estate granting possession for an infinite time.

Co-Ownership

A legal arrangement where two or more parties hold title to a specific property, sharing rights and responsibilities.

Crown

A reference to the state or the monarchy in a legal context, often used in commonwealth countries.

Surface

The outermost or topmost layer of something, often referred to in contexts such as computing, geology, or skin.