You can have your SMSF own the commercial property you operate your business from – market rental conditions should still apply
"I swear, the car was dusty, I just needed to drive it to the car wash. The only car wash I trust with my car just happens to be along the Great Ocean Road…"
Qlds007 wrote:Next thing we will be hearing that a SMSF can invest in a luxury car such as a Bugatti Veron and use it on weekends only as long as you clean before it goes back.Don't laugh @qlds007 we received at least a dozen phone calls over the past 12 months from under 30 year olds with $30k in their super wanting us to set them up an SMSF to purchase the new Toyota 86 with every justification under the sun that 'it's guaranteed to be a good investment'. 'It will definitely go up in value'. 'I promise i wont drive it'. ' can i store it at my house?'… ok how bout my mates house?
SMSF is certainly not the space to 'creatively invest' or push the boundaries of the ATO… especially when they are looking to make examples of people, real estate agents, brokers, accountants and financial planners who are assisting people to do so.
Jimmy86 | Future Assist SMSF Specialists - Bris | Melb | Syd
http://www.futureassist.com.au/setupansmsf
Phone MeSelf-managed super specialist administrators and advisers
Agree with this, so many clients trying to push the boundaries.
Have so many stories to share however, just cannot share on a forum.
I generally look very closely at a client looking at a holiday house in the SMSF, as you can see the hints ard using it on the holidays. Always emphasise the audit requirement and testing to be performed. Usually the response is "Your right, its not worth the risk"
Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
http://redwoodadvisory.com.au
Email Me | Phone MeSMSF - PROPERTY INVESTMENT - WEALTH CREATION AND FINANCE SOLUTIONS
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