I was reading about the tax free superannuation payments which we are all entitled to from our super fund after the age of 60.
I am wondering if you have a SMSF and are 60 years old, are you able to transfer other assets such as property into your SMSF and still pay no tax on these also?http://simplersuper.treasury.gov.au/documents/decision/html/final_decision-01.asp
Also my dad paid his supperannuation with income that was salary sacrificed. This means he paid a reduced rate of tax on his supperannuation contributions (Not the full rate of tax). So I imagine he may have to pay some tax on his retirement benefit once he reaches age 60?
There are restrictions on smsf buying assets from members – cannot acquire residential property etc from a member.
There would also be stamp duty and CGT consequences of transferring property (ie real property such as land) into a SMSF. However, if you had a property owned by a unit trust it may be possible to transfer the units to the SMSF if the property is unencumbered, and it also may be possible to do so without stamp duty in some instances.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thats interesting. Could be quite a saving if it was possible to do.
Terry, what do you mean by unencumbered?
I am guessing it might mean "inherited"
Unencumbered just means there's no debt (mortgage) over the property.
oh right, got ya. Thanks
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