SMSF question

SCENARIO: I want to buy a prop in my SMSF. However would like to get one we can add some value to. we like a hands on approach to our renos as a way of managing the costs, hence we would be spending lots of time at the prop. Also our time/labor would be free, not charging the SMSF.

are you able to live in the property for a period whilst the renovations are being conducted
 
SCENARIO: I want to buy a prop in my SMSF. However would like to get one we can add some value to. we like a hands on approach to our renos as a way of managing the costs, hence we would be spending lots of time at the prop. Also our time/labor would be free, not charging the SMSF.

are you able to live in the property for a period whilst the renovations are being conducted

This is my opinion only so I am not sure but if an investment is to be at 'arms length' I would presume the answer to be no.
Since you cannot reside in it at all I would assume it would mean at any point in time even when renovating.
I may be wrong there but that's how I would interpret the ruling.
 
are you able to live in the property for a period whilst the renovations are being conducted

No. Breach of the in house asset rules and sole purpose test s62 SIS Act.

Could result in fines to the trustee and loss of complying status of the fund.
 
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