Transfer property to a SMSF

Viewing 5 posts - 1 through 5 (of 5 total)

pnfs
Member
@pnfs
Join Date: 2009
Post Count: 2
March 8, 2009 - 6:06 am
I have purchased a property last year in Vanuatu through an Asset line loan. Initially I did not consider to purchase the property through a SMSF.
Are there any ideas on how I could transfer the Vanuatu property to a SMSF plus the existing loan to take advantage of salary sacrificing and enabling future property investment?
Regards,
PNFS
jack1234
Member
@jack1234
Join Date: 2004
Post Count: 22
March 9, 2009 - 12:11 pm
Sorry mate too late SMSF can not purchase residential property from a member
if your property is commercial BRP then smsf can purchase from you at market value – provided it has enough money or smsf borrows
Manoj
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
March 9, 2009 - 12:58 pm
Manoj beat me to it…. simple answer NO
Richard Taylor | Australia's leading private lender
pnfs
Member
@pnfs
Join Date: 2009
Post Count: 2
March 10, 2009 - 1:27 pm
Hi Manoj and Richard,
Thanks for the info, so on a side issue. Can my SMSF purchase residential property from another person who is not a fund member?
Regards,
PNFS
jack1234
Member
@jack1234
Join Date: 2004
Post Count: 22
March 10, 2009 - 8:29 pm
PNFS
There is no restrictions placed on a SMSF from acquiring any assets (including residential property) from 3rd party. Restrictions are on acquiring from related party with two exceptions 1) listed shares & UUT & 2) Business Real Property.
Before you do any deals you must understand what is a "related party" – it is quite wide and includes entities owned by the member.
But buying a property from a total stranger is "no problem".
Manoj Abichandani
SMSF Specialist Advisor
SMSF Specialist Auditor
Technical Director http://www.trustdeed.com.au