Hi,
I was just wondering if anyone had been in the same position as I am. This is….forced to sell an IP (even though close to being positiely geared) to obatin equity for PPOR. I started to think should I look into a SMSF in order to purchase the IP from myself (?). We only have about $170k jointly in super at the momemnt and the sale price of our IP would be in the $480k mark. Does anyone have any thoughts on this or even whether or not I should investigate this further with an accountant?
Thanks in advance.if your IP is residential, forget about it as it is not permitted.
Your superfund is not allowed to buy property from you. It needs to be an arms length sale (ie not purchased from you or an immediate family member).
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Although you can purchase commercial property from a related party eg your own business premises.
Thanks for all you advice, greatly apprecaited.
Sounds like you have enough in super to use a SMSF and a limited recourse loan to purchase a property in your SMSF, however your SMSF will not be able to acquire a residential property that you currently own.
If you are forced to sell your IP there is nothing stopping you purchasing a different property with a SMSF to keep your property portfolio heading in the right direction. With $170k you should be able to find something that will be neutrally or positively geared.
Grow SMSF | Grow SMSF
https://growsmsf.com.au
Email Me | Phone MeSelf-Managed Super Fund (SMSF) Specialist Accountants
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