I haven't got an answer, but I can supply an alternate question.
Has anyone purchased and operated an aeroplane under a self managed super fund?
If the aeroplane is purchased and put on-line at a flying school - is that sufficiently arms-length to keep the auditors happy? Are 100% of the costs able to be applied against the SMSF? (Assuming that the owner rents the aeroplane at full cost whenever they take it flying and on paper it can be made to be nominally profitable.)
I'm just annoyed at the finance industry gouging profits out of super whilst generating negative returns. If I am going to have money stolen from my super fund, I'd rather waste it on aviation than line the pockets of some pimple faced git with a commerce degree.