All Topics / Help Needed! / SMSF – How to pay myself??

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  • Profile photo of L PlatesL Plates
    Member
    @l-plates
    Join Date: 2009
    Post Count: 2
    October 6, 2009 - 9:31 am

    Hi, I am new to this forum and was hoping to get some advice.

    The situation is: I have purchased a block of land with cash using my self managed super fund trust. I have since built a house on the land using no equity of mine to build, but rather the end value of the property to borrow in the name of the trust fund, I personally was a guarantor for this loan.
    I am now in the process of selling, and I am wanting to know the best for me to personally use some cash from the sale of the property as well as pay back the super funds initial outlay for land plus interest, I am concerned that the money from the sale of the property may need to all be paid back into the super trust fund as this was used to purchase and borrow.

    Thanks in advance.

    Profile photo of crjcrj
    Participant
    @crj
    Join Date: 2004
    Post Count: 618
    October 6, 2009 - 10:46 am

    You will not be able to access any of the cash unless you meet criteria such as over 55 and retired etc.

    If you attempt it you will have major problems with your audit etc. 

    This type of question was raised on somersoft last week.  http://www.somersoft.com/forums/showthread.php?t=56093

    Profile photo of L PlatesL Plates
    Member
    @l-plates
    Join Date: 2009
    Post Count: 2
    October 7, 2009 - 10:27 am

    Thanks crj the other forum was a help..

    Does anyone else have any other advice, are there other people n this forum that have used a smsf to invest in property???

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