Hi brains trust
1, I bought a property with existing house
2, I sub-divided the property and have nearly completed owner build of new home
3, The existing house is on land that is zoned both residential and commercial
4, I have been charged land tax by the state revenue office because it is considered an investment property
5, I want to remove my superannuation and create a smsf (self-managed super fund)
6, An accountant has advised that because I have owned the property, I am unable to release my super without paying around 90k in tax on a 300k balance the arm's length rule
7, my super balance will never grow to what the property is already worth, however putting my superannuation of the loan will mean I am only paying bank interest on about 100k, the house requires some works completed to get it to a standard suitable to be used as emergency accommodation for victims of domestic violence.
8, The largest component of the land is zoned commercial and have future plans of development of shops that will provide income well into the future
Any suggestions on the best way to go about this without paying tax would be greatly appreciated and or if i have to pay tax is there a way of spending to make a claim at eofy to regain the tax that is paid
Sorry for long winded message but I hope i have explained situation clearly
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