Question: My client (and his Self Managed Superannuation Fund) has a penchant for sickeningly expensive artwork. He usually buys and lends it to other people for a fee. But he has no formal agreements in place. Crazy, I know. It makes me want to tear my hair out. What if one of these people runs off with his art? - And my client then sues me for negligence because he didn't have proper agreements in place?
I'm desperate for ammunition - help me convince him to get proper agreements in place. I also fear his SMSF is non-complying without a formal lease agreement.
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