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Converting part funds to SMSF

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Newbie

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Replies 1

My wife and I are looking at starting a SMSF in order to purchase a commercial property.  Is it possible to withdraw part of each of industry funds to create a SMSF?

1 ACCEPTED SOLUTION

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Best answer

Devotee

Replies 0

Hi eyeman,

 

If you are looking to setup a SMSF, go see an accountant and ask any and all questions you have. It's not a decision to take lightly. If you think you are going to be able to ask forums and get all the help you need to effectively run your SMSF... well lets just say the ATO will eat you alive if you make a mistake. Chances are you are going to make mistakes and have no idea you are doing so.

 

Not to dilute my point... yes you can roll over super from any other super fund you have.

 

To try and prove my point... Are you considering paying the deposit now with your own monies, setting up your SMSF, rolling funds over from the industry fund, then reimbursing yourself (like most people would)? Don't. You can't, that would be an illegal early release of super. It's seems straight forward that you are just getting a simple reimbursement - never think our Laws around your super follow common sence.

1 REPLY 1
Highlighted

Best answer

Devotee

Replies 0

Hi eyeman,

 

If you are looking to setup a SMSF, go see an accountant and ask any and all questions you have. It's not a decision to take lightly. If you think you are going to be able to ask forums and get all the help you need to effectively run your SMSF... well lets just say the ATO will eat you alive if you make a mistake. Chances are you are going to make mistakes and have no idea you are doing so.

 

Not to dilute my point... yes you can roll over super from any other super fund you have.

 

To try and prove my point... Are you considering paying the deposit now with your own monies, setting up your SMSF, rolling funds over from the industry fund, then reimbursing yourself (like most people would)? Don't. You can't, that would be an illegal early release of super. It's seems straight forward that you are just getting a simple reimbursement - never think our Laws around your super follow common sence.