Hi everybody,
I have a question in terms of a potential purchase of a property through our SMSF.
Currently the property is a holiday rental and is rented to many different people throughout the year on a short term basis (i.e. days or weeks at a time). I would be looking to using the property for the same purpose.
However in terms of the utilities (i.e. gas, water & electricity) given these are inclusive as part of the rental fee that will be charged.
In whose name should the utilities be connected? Should they be in my own personal names or in the name of our SMSF?
Would I be correct to assume that it would be the later given that the money for these bills will need to come from the SMSF funds.
Any assistance would be appreciated.
Cheers
I have a question in terms of a potential purchase of a property through our SMSF.
Currently the property is a holiday rental and is rented to many different people throughout the year on a short term basis (i.e. days or weeks at a time). I would be looking to using the property for the same purpose.
However in terms of the utilities (i.e. gas, water & electricity) given these are inclusive as part of the rental fee that will be charged.
In whose name should the utilities be connected? Should they be in my own personal names or in the name of our SMSF?
Would I be correct to assume that it would be the later given that the money for these bills will need to come from the SMSF funds.
Any assistance would be appreciated.
Cheers