A self-managed superannuation fund has the following investments:

(i) Listed company shares valued at $100,000

(ii) A truck valued at $30,000 and leased to a non-member

(iii) A commercial property valued at $120,000 leased to a non-member

(iv) A loan of $10,000 made at commercial rate to a company controlled by a related party that is a non-member

What is the percentage of the funds in-house assets and has there been a breach of the in-house assets test?

Select one:

a.

0% in-house asset and there has not been a breach of the in-house assets test.

b.

3.85% in-house asset and thus there no breach of the in-house assets rule.

c.

15.38% in-house asset and there has been a breach of the in-house assets test.

d.

57.69% in-house asset and there has been a breach of the in-house assets test.

e.

None, as only in-house are asset when the y exceed the 5% threshold per in house assets