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