Things you may like to know ?
“Its better to ask and be sure than get it wrong! Contact us if you are unsure of anything”
Who controls the money in my SMSF ?
Your funds go into your Super Bank Account that is only controlled by you. V Corp will assist in setting up a Cash Management Account, which will return an interest of 2.5% – 2.8% on any idle balances in the account.
What restrictions are there on purchasing property ?
The key rule with SMSF is that all transactions should be done at arms length. This is important in substance and in form. Buying a family members house at market value may be an arms length transaction in substance, but it still can raise questions.
Does V Corp manage all aspects of my SMSF ?
Yes V Corp will look after everything from setup to annual compliance for the life of your fund.
Does negative gearing apply to Property in SMSF ?
Yes, property in a SMSF is treated the same as an investment property. Hence the negative gearing regime is applicable. This means expenses incurred in owing and renting the property can be offset against any income earned by the SMSF.
What interest rates are offered in a SMSF property loan ?
SMSF property loans attract a higher rate of interest than normal home loans. This is because banks view SMSF property loans as a riskier product. Contact us to find out what the latest rates are for SMSF property loans.
How many members can I have in my SMSF ?
You can have up to 4 members in your SMSF. They do not have to be related. It is generally wise to setup a SMSF with people of similar age group due to changes in status once members reach their retirement age.
How much additional contributions can I make into my SMSF ?
The answer is a moving target at the moment. But you can contribute up to $30,000 now and a bit more if you are over 55. You can claim a deduction against this contribution to reduce your personal tax liability. This is called a concessional contribution.
Contact us for an obligation free discussion on what your options are.