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Don't worry if you have had advice, especially by Peter. Just shows others what a potential minefield it is with something like this.

Probably to stop the rorting. If these sorts of rules were not in place people would be diverting all sorts of income into their SMSF - which are tax havens. As long as you have received competetant advice you should be ok.

And a good tip. s 295-550 ITAA97 could be easily breached.

Lizzie Hope you ended up getting legal advice - from a lawyer - as this is a legal minefield in terms of the SIS Act, and asset protection.

Like anything it can be done on your own, but a SMSF is very tricky and a small mitake could cost the fund and you dearly.

A few issues here as a SMSF is prohibited from acquiring a residential property from a member. One exception is for 'business real property' which you may be able to qualify for.

thanks for the feedback Knightm. All sounds reasonable to me.

I would say no to all of these questions.

I think we should discuss SMSFs and the various strategies more on somersoft. This is a huge area that most people know little to nothing about and there are heaps of stategies out there with many strategies involving property. These strategies become increasingly more attractive as we get older...