In addition, we set up a Self Managed Super Fund (SMSF) to transfer the commercial property from Sharon and Tim’s personal names to the SMSF. This would allow Sharon and Tim to benefit from tax savings, as well as gain flexibility and control over their investments. We transferred the commercial property into the SMSF, paying only a $50 stamp duty.
Our work with Sharon and Tim resulted in savings of over $30,000 in tax per year by paying their own commercial rent. By separating the property from the business, we enabled Sharon and Tim to gain greater protection over their assets.