SMSF mixed advise

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Glauco
Member
@glauco
Join Date: 2003
Post Count: 12
July 17, 2003 - 8:08 am
[?]Hi,
I’m new to the super deal and i am recieving mixed advise from my accontant ect, my questions are can I use my SMSF to purchase Land only, Land with dwelling or strata style units ect. Is it OK to add split funds say $20,000 SMSF & 20,000 banks money.I know I can’t borrow against the super fund but can put in funds from a personel loan.
Can anyone help, Ive heard the tapes, discust with accountants ect and Im still confused.
All advise welcome. Thanks Glauco & Brineen
Dram
Member
@dram
Join Date: 2003
Post Count: 82
July 17, 2003 - 8:13 am
SMSF [?]
JohnBoy2
Member
@johnboy2
Join Date: 2003
Post Count: 5
July 17, 2003 - 8:17 am
SMSF – Self Managed Super Fund…?
Dram
Member
@dram
Join Date: 2003
Post Count: 82
July 17, 2003 - 8:27 am
Ah []
hilary
Member
@hilary
Join Date: 2002
Post Count: 146
July 17, 2003 - 9:01 am
check out the super website – your accountant will know what it is – and read and interpret for yourself – don’t rely on accountant. Once you have read and interpreted, then ring the super hotline and get them to confirm your interpretation – IN WRITING – IF YOU MAKE ANY MISTAKES, YOU WILL PAY THE PENALTY -the SMSF will return to normal tax rates, and you will be liable for a fine.
SMSF can buy vacant land – but it must fit with an investment criteria – ie to make your super funds grow. You can do a joint venture with other parties, but you must make sure there is no lending against the property – at all.