The Australian Taxation Office (ATO) has yet to alter its interpretation of rules around using self-managed superannuation funds (SMSFs) to renovate property, despite recent reports that may suggest otherwise.
A recent First National Real Estate media release suggested that funds from within a SMSF could now be used to renovate properties.
Instead, First National Real Estate can confirm that the ATO has issued a draft ruling, and at this stage it's just accepting comments on how it proposes to change its interpretation of the relevant SMSF rules.
The draft ruling can be obtained from the ATO website and comments are being accepted until October 28. A copy of the draft ruling can be obtained using the short link included below.
First National Real Estate property managers continue to prepare for the anticipated increase in interest in property from SMSF investors.
