Thr trustees of Uripper Superannuation fund have made the following investment decisions. As auditor of the Uripper Fund, advise the trustees as to whether you believe the decisions comply with the investment restrictions outlined in the Superannuation Industry (Supervision) Act 1993 and its associated regulations.
(a) The trustee of a fund have bought a beach house for the exclusive use of members.
(b) The trustees have acquired shares in Uripper Pty Ltd which amount to 40% of the total assests of the Uripper fund. Uripper Pty Ltd is owned by two of the members of the Uripper Superannuation Fund.
(c) In order to fund a payout to a recently retired member, the fund has borrowed $100,000 for a period of two years.
(d) The fund has loaned Sandy, who is a member of the fund, $200,000 to help fund a new business venture. The loan has been offered on commercial terms.
(e) Masami, who is a member of the fund, has sold a parcel of vacant land to the fund at a price which is considered below its markey value.
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