People with a self managed super fund (SMSF) have available to them an extensive variety of investment options to help them grow their wealth for retirement. Such options include shares, managed funds, term deposits, collectables (such as artwork and antiques), and residential or commercial property. When it comes to investing in property, there are a number of rules and government legislations that the directors and trustees of the SMSF must abide by in order for the fund to remain legal. The SMSF mortgage specialists at iCare Super can help you set everything up so you remain compliant with Government legislation now and into the future.
If you’re looking to invest the funds of your SMSF in property, it’s important that everyone involved in the fund – directors and trustees – abide by the rules in order for the SMSF to stay compliant with the Australian Securities & Investments Commission (ASIC).
In order to purchase property through your SMSF, the property must:
While a purchased residential property can’t be used by party members themselves (or their relatives), the members of the party can use the premises of a commercial property as their place of business whereby they pay rent directly into the SMSF.
Whether you’re looking to setup an SMSF with the intention of using it for a mortgage in the future, or you have the self managed super fund already and you want to set up a mortgage now, the specialists at iCare Super can help. Contact us today to book an initial consultation where we will discuss the rules in greater detail and answer any questions you may have.