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  • Profile photo of BumbleBumble
    Participant
    @bumble
    Join Date: 2006
    Post Count: 2
    January 8, 2006 - 11:42 am

    Hi Amanda,

    Thanks for your post!

    Where do you live ?

    We live in Melbourne, Aust.

    Do they have cash in other super that could be rolled into the new SMSF ?

    Yes, they do have cash in another super fund, and it will be transferred as soon as they gain access to it. A cash management fund is set up in the SMSF that collects the rental income at present. Any cash will be transferred into this fund.

    What are you trying to achieve by putting the assets in the SMSF ?If you’re trying to reduce taxation and this is their only income why not just make super contributions which are tax deductible ?

    The main reason my parents are pursuing the idea is that they have been advised they may be entitled to a government allowance if the properties are structured under the SMSF, in addition to the tax benefit.

    Kind regards,
    Bumble

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