The unforeseen, and rapid onset of the COVID-19 pandemic may have caught some individuals by surprise, especially if working hours were reduced or their income earning capacity was negatively impacted.
For those individuals who have met the required conditions to release money from their SMSF, they may opt to increase pension drawdowns or access a lump sum withdrawal(s). However, for members who have yet to meet preservation age or a condition of release who want to access their SMSF savings, one option may be to consider selling personal assets to their SMSF to release some cash from their SMSF while at the same time helping to grow your retirement savings.
Alternatively, individuals may find that some of the assets they held personally have been impaired by COVID-19. This may present an opportunity to shift some of these assets into the SMSF so that in the aftermath of the global pandemic, as asset values recover, growth is achieved in the tax effective superannuation environment.
Whatever the driver for transferring ownership of an asset to an SMSF, there are specific rules around what a trustee can acquire.
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