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Re: "...and/or nominee" to be put on the contract of sale when your SMSF purchases proper

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Enthusiast

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Replies 4

Hi 

 

For the SMSF, are we allowed to put "...and/or nominee"  on the contract of sale when purchases property?

also if the SMSF going to borrow for the purchase, does this "...and/or nominee"  make it even worse?

 

Thanks,

 

SX

Skype: xiekezheng@hotmail.com

1 ACCEPTED SOLUTION

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ATO Certified

Community Support

Replies 0

Hi @SX,

 

Your self-managed super fund’s (SMSF) assets need to be separate from the personal and business investments of your SMSF’s trustees and members.

 

Generally speaking, your SMSF’s assets should be held in the name of the:

  • individual trustees ‘as trustees for’ the SMSF, or
  • corporate trustee ‘as trustee for’ the SMSF.

 

If your SMSF is prohibited from holding assets in its name (e.g. under state law), then the fund’s ownership of the asset needs to be clearly documented.

 

If your SMSF is looking to borrow money for the purchase, you’ll need to ensure it is allowable - generally speaking, SMSFs are prohibited from borrowing

 

As we can provide general advice here on Community, you can apply for SMSF specific advice if you’re considering a specific transaction in your SMSF.

 

Thanks, NicM.

 

4 REPLIES 4
Highlighted

Enthusiast

Replies 3

Hi 

 

For the SMSF, are we allowed to put "...and/or nominee"  on the contract of sale when purchases property?

also if the SMSF going to borrow for the purchase, does this "...and/or nominee"  make it even worse?

 

Thanks,

 

SX

Skype: xiekezheng@hotmail.com

Highlighted

Community Support

Replies 2

Hi @SX,

 

Thanks for posting.

 

Just so we can point you in the right direction, are you asking if the name on the property title can include "and/or nominee"?

 

Thanks, NicM.

 

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Enthusiast

Replies 1

@NicATO

Hi Nic,

Yes. I would like to know when we signning the contract to buy a property, can we put "...and/or nominee"  as the purchaser of that property?

Highlighted

Best answer

ATO Certified

Community Support

Replies 0

Hi @SX,

 

Your self-managed super fund’s (SMSF) assets need to be separate from the personal and business investments of your SMSF’s trustees and members.

 

Generally speaking, your SMSF’s assets should be held in the name of the:

  • individual trustees ‘as trustees for’ the SMSF, or
  • corporate trustee ‘as trustee for’ the SMSF.

 

If your SMSF is prohibited from holding assets in its name (e.g. under state law), then the fund’s ownership of the asset needs to be clearly documented.

 

If your SMSF is looking to borrow money for the purchase, you’ll need to ensure it is allowable - generally speaking, SMSFs are prohibited from borrowing

 

As we can provide general advice here on Community, you can apply for SMSF specific advice if you’re considering a specific transaction in your SMSF.

 

Thanks, NicM.