answered
Q: Hi, I am 70y old and on pension. My SMSF owns a vacant land and I want to build a house on it to live in.
1. Is this OK with the Superannuation rules?
2. Do I need to transfer the property from my SMSF to myself to be able to do this?
3. Transferring it from SMSF to myself I understand would attract a stamp duty. If so, how much stamp duty do I have to pay?
Thank you.
A: Hi Glenn
Thank you very much for talking with me and the helpful ideas and advice you’ve given me over the phone. I will certainly have to talk to my accountant first again then the SMSF Auditor who does the audit yearly on my SMSF return.
Again, thank you very much. Truly appreciate it.
Cheers
Joe
answered
Q: Hi, I am 70y old and on pension. My SMSF owns a vacant land and I want to build a house on it to live in.
1. Is this OK with the Superannuation rules?
2. Do I need to transfer the property from my SMSF to myself to be able to do this?
3. Transferring it from SMSF to myself I understand would attract a stamp duty. If so, how much stamp duty do I have to pay?
Thank you.
A: Hi James
Thank you.
It looks like I have to talk to my SMSF Auditor to verify this. Hopefully he can confirm it in writing to be safe for me.
Cheers
Joe
answered
Q: Hi, I am 70y old and on pension. My SMSF owns a vacant land and I want to build a house on it to live in.
1. Is this OK with the Superannuation rules?
2. Do I need to transfer the property from my SMSF to myself to be able to do this?
3. Transferring it from SMSF to myself I understand would attract a stamp duty. If so, how much stamp duty do I have to pay?
Thank you.
A: Hi James & Brendan
Thank you for your responses.
I’ve googled “Can you live in your SMSF property when you retire?” and got this answer like this:
- Your SMSF can purchase property but you can’t live in until after you retire. It can be rented out while you’re working but you can only live in it after you retire.
question
Q: Hi, I am 70y old and on pension. My SMSF owns a vacant land and I want to build a house on it to live in.
1. Is this OK with the Superannuation rules?
2. Do I need to transfer the property from my SMSF to myself to be able to do this?
3. Transferring it from SMSF to myself I understand would attract a stamp duty. If so, how much stamp duty do I have to pay?
Thank you.
