I have been told that I can transfer my residential property into my self managed superfund by a super consultant. I believe this to be incorrect as from mall that I have read in switzer over the years. I know it is possible with Commercial property but just want to clarify that you cannot transfer residential rental property currently held in your own name to your self-managed fund.
A: Paula
Fire your super consultant and get a new one.
He/she is incorrect – you cannot.
Attached, a link to the ATO website on acquiring assets from related parties: https://www.ato.gov.au/super/self-managed-super-funds/investing/restrictions-on-investments/acquiring-assets-from-related-parties/ If you want to go further, you can find the formal tax ruling.
Regards
