Medical SMSF


Learn What a Lot of Doctors Didn’t Know in the Past When Buying a Property.

Here’s what I discussed in the video:

This is a little quick, for medical professionals around the country. I want to make this really short because my point is really, really short. As you know, a self-managed super fund is a great way to hold assets for both the purpose of tax minimisation and, of course, asset protection. What a lot of doctors and medical professionals didn’t know in the past, and they bought these properties in investment companies in propriety limited or in their personal names. What doctors haven’t known in the past is that they have the ability to slide these things into super.

A lot of surgeries and other properties, particularly here in New South Wales, have been purchased in unit trust and company names, which is a real shame. I’ll tell you why. If you have a property in a personal name, the same beneficial as your self-managed super fund, in New South Wales you will be able to transfer that property into super by a way of your self-managed super fund acquiring that off you.

What you might not know is the stamp duty as you know it is not normally payable. The current rate of the stamp duty is normally $500. I repeat that’s if the beneficial ownership of the self-managed super fund, let’s say it’s a married couple, is the same as the ownership of the property itself. It’s really important that you understand that because a lot of people think ‘Oh, it’s going to be $80,000 stamp duty, I’ll leave it where it is.’ We’re in a regulatory environment now. And the labour party may come in, have big papers on this, and remove the ability for us to buy property in a self-managed super fund.

This is something you need to be considering now. The only thing I will say is that while stamped duty is essentially exempt, there are capital gains tax issues, alright? That’s all I’ll say. There are ways to get around with those capital gain tax issues, I’m not that accountant to give you that advice but I just want you to understand that we can transfer properties into super. We can do a loan for the super fund to acquire your surgery and the stamp duty can be $500. Now, for those of you who might have non-deductible debt, this is a great way of building up good debt in your super fund and giving you the cash to be able to use to squash down your non-deductible debt.

So, for those of you with a big home loan or a call it a house loan or any non-deductible debt of any nature and you have a property in personal names, that you think we might be able to get into super, please talk to me about it. If you don’t think you have enough money in super. I mean when I bought this building, Tim and I tipped in $25,000 in June and another $25,000 in July, the settlement day was July 3rd for this property for that very reason. But remember, you’ve also got the $300,000 bring forward rule. So essentially, you can get $600,000, it’s a pay for entry. You can get $600,000 in there overnight.

So, I’m doing a lot of this for the doctors at the moment. Like I say, the ability to do this might be taken away from us soon. This might be the time to get your commercial property, your New South Wales real business asset, into the best tax saving we’ve got in this country which provides enormous asset protection. My number is 97430000. Thank you.