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Ballarat Financial Planners: Owning a Property Within an SMSF

At Sky Accountants Ballarat & Financial Planners Ballarat, our goal is to empower you to become a better, more finance-focused and well-rounded individual or entrepreneur. Contact us at info@skyacc.com.au or 1300 328 855

Ballarat Financial Planners

People aim to own property because it is an asset class that they can see physically and be familiar with. Many also want to establish an SMSF solely to buy a residential property. While there are many benefits to holding a property in an SMSF like lower tax ratescapital gains tax discounts and money access you can’t normally have access to, the disadvantage is that superannuation is strictly regulated and trustees need to follow several rules. 

The first restriction is related to acquisition. You can’t buy a residential property from yourself, relative, family trusts or family companies even if it is bought at market value on commercial terms. Use is also restricted. You cannot use a residential property for yourself or any of your relatives, private companies or trusts even if rent is being paid at commercial rates. This rule still applies even in retirement. If a relative wants to use the property, it has to be transferred as a benefit payment.

Another restriction is its valuation. SMSF legislation requires that all assets are recorded at market value and implies that fund trustees are responsible for making sure that they provide a market value to their accountant every year. Value of similar properties in the area and any improvements made must also be considered. Correct name must reflect in the contracts. In case of a loan, the name on the contract may vary based on the state the property is in. Recording assets in wrong names can have adverse consequences on the fund and lead to double stamp duty payments.

Ballarat Financial Planners

As you look for different ways to grow and improve your business, seeking professional advice could prove to be an important and helpful decision.

You can click here to speak to a businessaccounting and bookkeeping firm. We also offer hospitality business consultation and mortgage services. We will give you a call to know more about your needs. We will explain to you how we can improve your business.

We would love to help you formulate investment strategies and streamline your processes to take your business to the next level.  Our goal is to help you grow your business, find ways to invest more and increase your productivity.

PS. Here are two other ways we help business owners grow their business:

1. Take our free online assessment and see how much your business is currently worth (free 30page detailed report included)

2. If you are looking to change Accountants or need advice on how to grow your business, organise a 1on1 session with a Sky Business Expert here

 

Email Address: info@skyacc.com.au

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Phone: 1300 328 855
Office Address: 
902 Howitt Street, Wendouree, Victoria 3355, Australia
Postal Address: PO Box 2234, Bakery Hill, Victoria 3354

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Phone: 03 97444522
Sunbury Office Address: 
Suite 13, 33-35 Macedon Street, Sunbury, Victoria 3429, Australia
Gisborne Office Address: 
45 Hamilton Street, Gisborne, Victoria 3437, Australia

Postal Address: PO Box 270 Gisborne Victoria 3437

 

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