I have been made redundant and want to take my super over to America and buy with my super does any one know if this is possible
Check out this thread – https://www.propertyinvesting.com/forums/property-investing/overseas-deals/4334944
there seem to be ways to do it, but its not straightforward…
Ziv Nakajima-Magen | Nippon Tradings International (NTI)
http://www.nippontradings.com
Email Me | Phone MeZiv Nakajima-Magen - Partner & Executive Manager, Asia-Pacific @ NTI - Japan Real-Estate Investment Property
Is that a gut reaction to your redundancy or have you been researching this option for a while?
I am currently getting my spousal visa as I am married to an American and I am moving there this has been a two year process but the redundancy was a welcomed surprise
You will probably have to roll it over to a 401K complying fund in the US or similar IRA approved fund.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
No, not possible unless you meet a condition of release. used to be possible but not anymore.
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
Is it still possible to withdraw all of your super if you are relocating overseas with no intention to work in Australian. again?
No unfortunately not.
You can only roll it over to a complying fund in the Country you are moving to.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Scott No Mates wrote:Is it still possible to withdraw all of your super if you are relocating overseas with no intention to work in Australian. again?Not anymore
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
I own a couple of US properties in my SMSF, but compliance issues are the biggest hurdle for Australian investors.
You wont be able to live in the property if you are planning to move to the states if you are under the age of 65.
Most industry super funds wont allow foreign property investment and you will need to set up a SMSF with either individual trustees or a corporate trustee of the SMSF.
Not every accountant will understand the compliance issues in regards to SMSF investment in US property.
There are small issues like getting rent paid directly into your Australian SMSF bank account and not into your US bank account.
Borrowing needs to be structured correctly with bare trust agreements in place between your US LLC and your AUS SMSF.
Check with your accountant over these issues and if they look at you puzzled then we have a good guy in Melbourne who we can refer you to. He has ATO compliance approval on 2 different structures that will allow SMSF US property investment
Joel regretfully you cannot live in the property owned by your SMSF whether you are under or over 65 and in Pension phase.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
I do not think it is possible anymore, but not sure. I recommend you to do some more research or even consult with a specialist.
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