How you can set up an SMSF to purchase property
It’s important to set up your SMSF properly so that it’s eligible for tax concessions and easier to manage once it’s up and running.
What To Do:
1. Find an SMSF expert to help you with the initial set up.
2. Create a trust deed and appoint trustees.
3. Register with the ATO.
4. Set up a bank account for your fund.
5. Roll over your superannuation funds.
6. Finalise your investment strategy.
7. Obtain a statement of advice from a financial planner for the bank to lend you money to purchase property.
8. Locate a property that is suitable to your strategy
9. Engage solicitor to finalise property transaction
For more information about setting up an SMSF, visit the Australian Taxation Office website.
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