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Jenny P.
Jenny P.
West Albury, NSW
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I am 55 and my preservation age is 57.
I wish to access a property held by my husbands and my SMSF when I retire at 57.
With the Superannuation changes from 1 Jul 17, how do I go about accessing the property or withdrawing it from the SMSF so my husband and I can live in the property.
My husband is also 55 but he won't be retiring until age 60.
Also, what will the taxation implications be?

7 years ago

Responses

Hi Jenny,

You are really going to need some legal & financial advice here to make sure you 'tick all the right boxes' and minimise any tax implications.

There's a range of ways of getting the property out, each with different tax outcomes. You can 'pay' the property out as a form of benefit payment - this may or may not cause tax in your SMSF and tax to you personally. You could also 'buy' the property from your SMSF - again this may or may not cause tax in the SMSF. It all depends on what you do or don't do before taking the property out.

You'll need to consider if there's a loan on the property & how this will be paid. Also need to work through what assets are being left behind in the SMSF to live off in retirement & also is it actually worth keeping the SMSF after the property is out or is it best to close the SMSF and move any remaining super elsewhere.

I realise my response is a little vague but I can't give you appropriate advice over this website and without knowing more of your situation.

Please don't hesitate to reach out if you do want some real advice on this, there are a lot of parts to consider.

Regards
James

Hi Jenny,

Thank you for your question. It certainly requires the assistance of a Financial Planner and or Accountant. Do you currently have a connection that is managing or established your SMSF? I am local in Albury and work closely with a number of Specialists in this field. If you would like to connect I can refer you to one of my preferred contacts.

Best wishes
Meiken Barnes
intouch Finance Albury
60211320

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