Hi all,
Great forum and learning a lot. I have few questions (may be few dumb) in relation to SMSF and would be very grateful if can get some answers. Apologies if they have been already covered elsewhere.
1. What is the minimum amount needed in super to acquire a property through SMSF or minimum to be eligible to setup SMSF? I currently have around 75k and partner have around 30k.
2. Is it a good idea to use both or just mine? If both, SMSF running costs also double?
3. the running costs for SMSF get paid through Superfund itself or that's out of pocket from my salary (this might be dumb question))
4. My understanding of buying property through SMSF is that you pay deposit 10-20% from super to buy property and then take the loan for the rest? Is that loan interest only? Also, the repayments for this loan get paid through my super contributions,if that not enough, remaining out of pocket?? OR the repayments must be paid through my salary and you can only use super to fund the deposit ??
5. We acquired our first IP last year and we have LOC setup on PPOR where rents come in. Is it possible to get the rents into this LOC from the property acquired through SMSF?
Please note that employer super contribution is 15.4% for me.
Thanks in advance
Great forum and learning a lot. I have few questions (may be few dumb) in relation to SMSF and would be very grateful if can get some answers. Apologies if they have been already covered elsewhere.
1. What is the minimum amount needed in super to acquire a property through SMSF or minimum to be eligible to setup SMSF? I currently have around 75k and partner have around 30k.
2. Is it a good idea to use both or just mine? If both, SMSF running costs also double?
3. the running costs for SMSF get paid through Superfund itself or that's out of pocket from my salary (this might be dumb question))
4. My understanding of buying property through SMSF is that you pay deposit 10-20% from super to buy property and then take the loan for the rest? Is that loan interest only? Also, the repayments for this loan get paid through my super contributions,if that not enough, remaining out of pocket?? OR the repayments must be paid through my salary and you can only use super to fund the deposit ??
5. We acquired our first IP last year and we have LOC setup on PPOR where rents come in. Is it possible to get the rents into this LOC from the property acquired through SMSF?
Please note that employer super contribution is 15.4% for me.
Thanks in advance