The ATO has warned taxpayers against entering into an SMSF scheme which purports to allow individuals to purchase property using money from their superannuation. In terms of this particular scheme, the ATO noted that a “look through” approach will be applied to consider any arrangements entered into as a whole. That means if an SMSF’s fund money is used to help purchase a property for a member, whether it be indirectly through the SMSF’s investment in other entities, it will be treated as an illegal early access of super benefits by the member.
Click to read our article: SMSF scheme: residential property purchase