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is this possible ?

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whatplanetisthis View Drop Down
Senior Member
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Joined: 19/August/2013
Location: Australia
Posts: 184
  Quote whatplanetisthis Quote  Post ReplyReply Direct Link To This Post Topic: is this possible ?
    Posted: 04/July/2016 at 10:53
Hi, just throwing few ideas around at moment as push has come to shove regarding my future.
Hypothetically would I be able to pull all my super from industry fund & set-up a SMSF, then with my newly born fund buy the home off the bank, get tenants in & a property manager to oversee that stuff & me go live/work interstate ??
cheers
wpit

citizen-joe View Drop Down
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Joined: 09/October/2005
Location: Australia
Posts: 369
  Quote citizen-joe Quote  Post ReplyReply Direct Link To This Post Posted: 04/July/2016 at 23:19
Not an expert on superannuation and the complex rules, but I think your problem is that your SMSF would not be buying your home from the bank, the bank only hold a mortgage over it, you own it, this could well be the sticking point. Arms length is the phrase that springs to mind.

If you don't get an answer here you may need to consult on of the SMSF companies for an answer or steps that you could take to achieve your aim.

whatplanetisthis View Drop Down
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Joined: 19/August/2013
Location: Australia
Posts: 184
  Quote whatplanetisthis Quote  Post ReplyReply Direct Link To This Post Posted: 12/July/2016 at 19:02
cheers bro. looks like supremo courto for last ditch all or nothing beg & grovel for it's power to injunct or whatever call it. Too damn cold to be forced homeless at this time of year for starters !!!

AnthonyK View Drop Down
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Joined: 04/October/2014
Location: The Shire
Posts: 2
  Quote AnthonyK Quote  Post ReplyReply Direct Link To This Post Posted: 10/August/2016 at 05:40
Dear CJ
No way my friend its a breach of SISA S66 which can have jail penalties + fines.
This section prohibits a SMSF acquiring most assets from a related party.
If you had listed shares in your SMSF, it could buy them from you at market price on the day (See S65 and S109).
Then you could use the proceeds to reduce personal debts etc.

AnthonyK

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