How much does it cost to set up a SMSF?
This fee will vary depending on the Accountant however you need to budget between $2,000 – $4,000 as a once off fee.
How much deposit do I need for an SMSF?
You will require at least 20% for residential properties and 30% for commercial properties plus the costs (usually around 5%) associated with the purchase such as government and lender fees.
Can I use my existing super to contribute to the purchase of the SMSF property?
Absolutely. You can use the monies in your existing super to make up for the 20% required for the purchase and SMSF loan.
Who pays all the outgoings of the SMSF?
The SMSF (more specifically its beneficiaries) will need to pay all the outgoings associated with the property. This includes
The trustee can be either an individual or a trustee company; all members are required to be either a trustee or directors of the trustee company.
As a trustee, you must:
1. Lodge a ‘SMSF Annual Return’ for the fund
2. Pay an annual supervisory levy to the ATO
Are constructions or developments loan available on SMSF?
No. Construction or development loans are not available neither are borrowed funds for renovations. However, the SMSF can pay for renovations out of its own funds.
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