Superannuation in Australia is money set aside by the employer throughout the working life of an employee meant for retirement. The money can only be withdrawn in very specific circumstances such as during retirement at 65 years of age.
May Australians have become used to the idea of putting aside money for their retirement. This was since the introduction of the compulsory employer superannuation contributions under the Keating Labor Government in 1992.
With this cause, several Australians have taken the step further to invest more than the required amount. Eventually, they have started to seize the opportunity of taking direct control of the funds through Self Managed Super Fund or SMSF.
For many, the attractiveness of an SMSF is its capacity to be utilized for property purchase, the tax benefits, and control over your funds. On the other hand, it also requires a lot of planning and continuous attention to make sure it is managed effectively and that the policies are met all the time.
A few of the considerable advantages of purchasing property through your superannuation are as follows:
The disadvantages are closely related to buying a property outside the security of an SMSF. This includes the following:
There are various considerations to take into account when buying a property using your superannuation. Like any investment purchases, careful planning should be considered. It is best to seek professional help. Consult an attorney and a financial planner when it comes to using SMSF to acquire property for investment.
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