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Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 44139
Experience:  BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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Looking at purchasing a motel with SMSF.
, My apologies

Customer Question

Customer: Hi Looking at purchasing a motel with SMSF.
JA: Thanks. Can you give me any more details about your issue?
Customer: My apologies I pushed the wrong button...The operation would be run under a manager. Totally debt free. Nothing to do with me or relatives, etc. Existing business that is quite profitable. Manager may or may not live on site. Our company would lease the operation from the SMSF and pay a rental income to the SMSF.
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Customer: Yes Okay.
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Submitted: 1 year ago.
Category: Australia Law
Expert:  Leon replied 1 year ago.

Good Afternoon

My name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question. Please understand this is not legal advise Please understand this is not legal advise but a guide to assist you.

I assume that you have the SMSF set up and there is money in the fund. I will be providing links to sites that give you details of the rules etc as it is easier than typing them all out.

You can buy commercial premises, and I assume you are buying the building as well as the business. If so you can do it and the following link provides information about buying commercial premises in SMSF

http://www.superguide.com.au/smsfs/smsfs-commercial-property-and-borrowing

You have to be careful about having related entities leasing and you have to ensure that the SMSF deed allows all this.

Your accountant what set it up should have discussed all this with you.

Here are the property rules for Super Funds

https://www.smsfproperty.net.au/smsf-property-rules-for-investing/

I hope this all makes sense and is of assistance. If there is nothing further

thank you for using my services.

If I have missed anything, or you have any further questions please let me know

If there is anything else in the future please do not hesitate to ask.

Please do not forget to leave positive feedback.

Regards
Leon