All Topics / Help Needed! / Super to buy Residential Property

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  • Profile photo of ALJOALJO
    Participant
    @aljo
    Join Date: 2014
    Post Count: 5

    Hi there,

    Thanks in advance for any advice

    I did move to QLD from SA in Jan 2020 as it is my dream to have a property with more than an acre of land.

    I have only a part time job now so it may take ages to get enough money to buy a house with some land.

    Just wondering can I use my Super to buy a residential property with land and rent it out to myself. That means I will get three market rent appraisal from three different real-estate agents and pay the market rent to my SMSF. Is it possible? I cant see any other possibilities to own a house with land otherwise in near future. I don’t see the point having lot of land  when I am old and not able to walk around, i would rather get it now.

    Thank you

    Aljo

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    This would breach superannuation legislation.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Unless… If it was a farm, there is a possibility of living on in the house and surrounding 5 acres.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of ALJOALJO
    Participant
    @aljo
    Join Date: 2014
    Post Count: 5
Viewing 4 posts - 1 through 4 (of 4 total)

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