Here's one for the SMSF guru's.
I have a commercial IP that has a retail shop downstairs and has 2 residential units upstairs.
I have no interest in the business renting the shop.
Now i have been told that if i convert the upstairs units too offices so that the entire property is commercial i can then transfer the Ip into my SMSF without paying stamp duty and CGT.
If the above is correct can i pay out the exsisting loan with my SMSF?
I intend too redevelop the property in the near future so i will need to be able to secure funding and are unsure if or how the banks will lend to SMSF?
Once the Ip is transfered what happens if i reconvert the upstairs back too residential units, maybe even more units?
If i sell the developed property inside the SMSF do i pay CGT?
I have known about this for a while and i still have 17 yrs to wait till i can access my super, but it sounds like an opportunity too good to refuse.
I have other residential Ip's and shares which i will keep outside of my SMSF.
I am not after detailed answers.......... just the basics, so thanks for your time.
Cheers
Ken
I have a commercial IP that has a retail shop downstairs and has 2 residential units upstairs.
I have no interest in the business renting the shop.
Now i have been told that if i convert the upstairs units too offices so that the entire property is commercial i can then transfer the Ip into my SMSF without paying stamp duty and CGT.
If the above is correct can i pay out the exsisting loan with my SMSF?
I intend too redevelop the property in the near future so i will need to be able to secure funding and are unsure if or how the banks will lend to SMSF?
Once the Ip is transfered what happens if i reconvert the upstairs back too residential units, maybe even more units?
If i sell the developed property inside the SMSF do i pay CGT?
I have known about this for a while and i still have 17 yrs to wait till i can access my super, but it sounds like an opportunity too good to refuse.
I have other residential Ip's and shares which i will keep outside of my SMSF.
I am not after detailed answers.......... just the basics, so thanks for your time.
Cheers
Ken