*The Director of this firm is recognised by the AIQS as a Certified Quantity Surveyor which represents the highest level of expertise within the Quantity Surveying profession.
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Sole Purpose Test

2 Apr 2014 5:31 PMSimon Hanau
Sole Purpose Test

We shared an ATO link recently via our Facebook page in relation to the Sole Purpose Test, however given the popularity of Self Managed Super Funds (SMSFs) we thought it pertinent to raise again.

If you’re thinking of purchasing property through your SMSF then you need to consider the Sole Purpose Test. In summary, the SMSF needs to operate for the sole purpose of providing Super benefits for its members. Therefore, anyone related to the Fund cannot use it or receive any benefit from it. For example, purchasing a holiday unit in your SMSF and then using it for your annual holidays is NOT allowed! For more information, please view the video via following link and/or talk to your tax advisor.

http://www.ato.gov.au/Super/Self-managed-super-funds/In-detail/News/SMSF-News/SMSF-News---edition-29/?page=1#SMSF_Sole_Purpose_Test

Source: Australian Taxation Office www.ato.gov.au

*The Director of this firm is recognised by the AIQS as a Certified Quantity Surveyor which represents the highest level of expertise within the Quantity Surveying profession.
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