A promissory note is a type of negotiable instrument that's similar to a common law contract. Basically, it is a promise to pay a certain amount to the holder of the note, according to certain terms, ...
On May 18, 2009, the Australian Taxation Office (ATO) issued a Taxpayer Alert TA 2009/10 regarding the non-commercial use of negotiable instruments through self-managed superannuation funds (SMSFs).