Purchasing property in a Self Managed Superannuation Fund
Notwithstanding lingering uncertainty about the future of limited recourse loan arrangements for self managed superannuation funds (SMSF), acquisition of real property remains a popular investment strategy for SMSF trustees. When considering purchasing real property, SMSF trustees need to be aware of the strict rules that apply, particularly when borrowing money or when purchasing property from entities related to the fund. Given the potentially catastrophic outcomes if a SMSF is declared non-complying, trustees should ensure they obtain proper legal and financial advice before committing to a purchase.
Binding Death Benefit Nominations – the importance of getting it right
The Supreme Court of Queensland has again highlighted the importance of taking care when drafting binding death benefit nominations for superannuation funds.