Hi fellow investors,
My hubby and I acquired an IP through SMSF. We didn't get good advice from our SMSF adviser prior to buying so we bought an old house with the plan of knocking it down and building 2 townhouses. I recently spoke to a financial adviser from Sydney who said that there is a solution but we will need to engage his company to get the answer and he wouldn't disclose upfront his fees. He said he needs our full financial details and our retirement plan then he will determine what sort of financial planning we will need.
Anyway, has anyone came across rebuild of existing IP in SMSF. Is it possible? The only solution I could think of is buying the property and doing the rebuild outside of super. However, this would entail conveyancing cost and capital gains and we will be paying premium tax on capital gains when we sell the units only to put the profit in super as we are not retiring age yet and pay tax again on this super contribution.
Any ideas, opinions are highly appreciated.
Cheers,
Susan in Newcastle
My hubby and I acquired an IP through SMSF. We didn't get good advice from our SMSF adviser prior to buying so we bought an old house with the plan of knocking it down and building 2 townhouses. I recently spoke to a financial adviser from Sydney who said that there is a solution but we will need to engage his company to get the answer and he wouldn't disclose upfront his fees. He said he needs our full financial details and our retirement plan then he will determine what sort of financial planning we will need.
Anyway, has anyone came across rebuild of existing IP in SMSF. Is it possible? The only solution I could think of is buying the property and doing the rebuild outside of super. However, this would entail conveyancing cost and capital gains and we will be paying premium tax on capital gains when we sell the units only to put the profit in super as we are not retiring age yet and pay tax again on this super contribution.
Any ideas, opinions are highly appreciated.
Cheers,
Susan in Newcastle