Can your SMSF buy your business?

At first glance, the SMSF would not be able to acquire the property from the member because they are a related party of the SMSF.

However, section 66 of the SIS Act does contain a relevant exception to the general prohibition on related party acquisition.

The exception allows the Fund to buy what is called ‘business real property’ provided it is transferred at market value.

Figuring out whether the property constitutes ‘business real property’ can be straightforward or a little more complex, depending on the type and use of the property, so it’s always best to speak to a professional before proceeding.

The Superannuation environment is the least taxed vehicle in the Australian tax system so having your business premises in your SMSF is a great way to save on tax and in some circumstances to pay no tax at all. Another great draw card is that there are stamp duty concessions on the transfer.

If you’re to transfer your business premises into your SMSF and need some guidance please feel free to call;

Cayle Petritsch
SMSF Specialist Advisor
T: 02 9984 7774
E: caylep@nac.com.au
Martin van der Saag
Director
T: 02 9984 7774
E: martinv@nac.com.au

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