accountants
If your SMSF has borrowed money (or thinking of borrowing money) to acquire ‘bricks and mortar' property then there are a few things you need to know.
Why stop at art? What about collectors items - some fine wine perhaps? Or, a few antiques? The answer is yes you can (as long as the asset is genuinely for retirement income purposes, not for your personal use now, and not acquired from a related party) but the Government is looking closely at what SMSF's acquire and how those assets are managed.
Knowing what assets your Self Managed Superannuation Fund (SMSF) can own is an important part of being a fund trustee. You should also know what assets your fund can acquire from you or related parties. New rules recently introduced may give more scope for your SMSF to borrow funds to acquire these assets but there are unique rules and guidelines that need to be adhered to.
Approximately 60% of Australian's die without a will in place. The average age of people with a will is 82 and the average age of people who die without a will is 62. Apparently, the majority of us believe that we are going to die of extreme old age.
Owning your business premises through your Self Managed Superannuation Fund is a common strategy for many business owners. But have you ever thought about what would happen if one of the fund members died? In many cases the fund would have to sell the business premises as few have the money available within the fund to pay out the deceased member’s estate for their share of the business premises held in the super fund. And, this all has to happen within a relatively short time frame to meet SIS requirements relating to death benefit payments.