How can you increase your retirement savings?
A self-managed super fund has the potential to boost your ability to invest in residential or commercial properties. If you want to establish your own super fund you may be able to garner a healthy cushion for your retirement. There are restrictions to using your SMSF for certain transactions so it’s a good idea to consult with a trusted finance specialist for details.
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Purchasing Property with an SMSF
Residential properties have to be bought from what is called an “arm’s length vendor. If the property is not residential it can be bought at full value if the property is rented for business purposes. The SMSF selects the investment property in a conventional way.
Your SMSF lawyer completes the transaction in a conventional way after the SMSF is approved through a loan. The property that is purchased has to be done through the Bare Trustee. Legal expenses, balance purchase funds, and stamp duty are yet again done in the typical guidelines. Once the transaction is complete, the Property Trustee mortgages the investment to the lender. Your SMSF will treat the asset as a normal investment.
Is your investment following your fund strategy? What does diversification of assets, liquidity and member return maximization mean for you? SMSF Trustees have to require that your fund has assets that diversify to meet the SIS Act’s standards.
Your investment must meet other standards put in place by the SIS Act as well. There should be ample liquidity to meet pension or liability payments. It’s pivotally important that your SMSF Trustee makes sure the fund meets any requirements. Super funds that pool monies into those specific profit making avenues have to have risk management regulations and comprehend the risks.
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