Tax Benefits Using Your Super Fund
Property can be purchased through your self managed super fund allowing you to enjoy potentially more tax benefits than stated above. Legislation concerning the purchase of properties and the tax benefits associated with such a purchase are complex and specific to the purchasers current financial and tax situation. Every person has different circumstances so ensure you have sourced advice on your own situation to determine your specific benefits.
There are however some general rules concerning the purchase of residential properties through self managed super funds. The property or properties need to be purchased solely for the purpose of providing retirement benefits to fund members and therefore;
- Cannot be purchased from any family members related to the fund members
- Cannot be lived in by any fund members or family related to fund members
- In the case or residential properties, cannot be rented to any fund members or anyone related to fund members. This means that the property needs to be rented to an external party through a legal lease contract. Having the property leased and managed by a licensed real estate agency would ensure that these conditions of the superfund are met.
Commercial properties purchased through a superfund however can be rented by a business that is owned by fund members as long as rent is at market price and there are benefits related to using the rent paid to the superfund as an expense which is tax deductible.
About Xenia and ALEXA Real Estate
Xenia is the Principal and CEO of Alexa Real Estate www.alexarealestate.com.au. Xenia developed alexa real estate from concept in 2006 and it has now expanded to a rent roll of over 300 properties and 10 staff members and the company enjoys massive growth every year due to a strong focus on specialisation and solving difficult, specialised property management problems
See Xenia’s real estate blog here: http://blog.alexarealestate.com.au/
Xenia is also an entrepreneur, has developed several businesses in the areas of real estate and self development and is married with 3 children. Xenia loves to share her passion through writing and has written books on in the areas of millionaire mindset, emotional resilience and human consciousness. She has appeared as a keynote speaker on many stages around Australia and overseas including sharing a stage with Bob Proctor at a wealth creation conference in Europe.
Xenia’s books:
Don’t believe everything you think or feel: https://www.amazon.com/Dont-Believe-Everything-THINK-Feel/dp/1507594895
Your Inner Journey to Wealth:
https://www.angusrobertson.com.au/books/your-inner-journey-to-wealth-xenia-ioannou/p/9781456854294?gclid=EAIaIQobChMI3oeky-qN2gIVGiUrCh0l1woWEAYYASABEgLaLfD_BwE
Prior to discovering her gift in developing businesses Xenia was a medical research scientist obtaining a PhD from Flinders medical centre followed by a 3 year post doctoral fellowship at the university of Saskatchewan, Vaccine and Infectious Disease Organisation in Canada. During her post doctoral years Xenia published 8 medical research papers in top medical journals and travelled around Canada and the USA speaking at scientific conferences about her, now patented, vaccines and research.
Other social media pages:
FB: https://www.facebook.com/xenia.ioannou.33
LinkedIn: https://www.linkedin.com/in/xenia-ioannou-290898143/
Twitter: https://twitter.com/XeniaIoannou
Blog: http://blog.alexarealestate.com.au/
Property management information brochure:
http://alexarealestate.com.au/marketing-material/property-management-brochure.pdf
