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VIDEO · 08 AUGUST 2022

It Depends – Can my SMSF engage a related party builder?

Cooper Grace Ward
Cooper Grace Ward
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Discusses if a SMSF can engage a related party builder and if the builder can act as an agent to acquire assets.

AustraliaFinance and Banking
Keeghan Silcock
Keeghan Silcock
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In this edition of 'It depends', senior associate Keeghan Silcock talks about whether your SMSF can engage a related party builder and whether the builder can act as agent for the SMSF to acquire assets.

VIDEO TRANSCRIPT

Hi and welcome to another edition of It Depends. Today I'll be talking about whether your SMSF can engage a related party builder.

Can my SMSF engage a related party builder?

It depends. So, there is no general prohibition against self-managed super funds from engaging a related party to provide services. This means that it is possible for your SMSF to engage a related party builder to provide construction services. However, there is a prohibition against an SMSF acquiring assets from a related party. So, if you are engaging a related party builder to provide services to your SMSF, it's important that in the provision of those construction services, the builder does not also provide goods and materials to the SMSF.

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This publication is for information only and is not legal advice. You should obtain advice that is specific to your circumstances and not rely on this publication as legal advice. If there are any issues you would like us to advise you on arising from this publication, please contact Cooper Grace Ward Lawyers.

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