new super
- Thread starter fernfurn
- Start date
Complex question. Only certain people can make contributions to super. If you own the property already this will complicate things with CGT and stamp duty. It would be an inspecie contriution or a sale to your superfund and you would have to make sure you are eligible to contribute and that it doesn't exceed the cap.
Whether you should do it or not will depend on your situation. It may be good for asset protection, on bankruptcy, but only strong after the claw back period and only if it is transfer at market value. But your super may be more open to attack on your death depending on a few things.
Super cannot be willed to someone on your death as it is a trust set up. You can make a binding nomination that your super goes to dependants such as children or you could make sure you super is passed into your estate and can then be distributed out, but there are tax implications. Consider a testametnary discretionary trust with a separate superannuation proceeds trust to get your super and segregate it from the rest of your estate.
Whether you should do it or not will depend on your situation. It may be good for asset protection, on bankruptcy, but only strong after the claw back period and only if it is transfer at market value. But your super may be more open to attack on your death depending on a few things.
Super cannot be willed to someone on your death as it is a trust set up. You can make a binding nomination that your super goes to dependants such as children or you could make sure you super is passed into your estate and can then be distributed out, but there are tax implications. Consider a testametnary discretionary trust with a separate superannuation proceeds trust to get your super and segregate it from the rest of your estate.
You would also have to meet the work test ie 40 hours in a month, be under a particular age etc and sit below the threshold for contributions - it may be a bit late now to start thinking about super when you did not consider it a priority when you were working.
1. depends on your age IF aged 65or + you may encounter problems in contributing cash into a new smsf. The annual contributions caps MUST be considered in any event.
2. You cant contribute an asset to the fund (resi prop) BUT if the fund has cash it can buy any resi prop it likes - Just not from you or a relative etc.
3. There may be no tax consequences in any event. Why bother. What income would the property produce. Your tax free limit is around $20-$25K if its personally owned.
4. On death SMSF assets aren't part of your will - There are other strategies for dealing with inheritance.
You need comprehensive financial / tax and super advice before you proceed further.
