Our clients were faced with a dilemma – with a rapidly growing business, not only were they totally out of space in their existing shed, but the recent downsizing of their home meant that they desperately needed more office space. Unhappy with the performance of their super funds the clients made the decision to form a self-managed super fund (SMSF) to purchase a property for them to run their business from. But the clients didn’t have enough funds in super to purchase the building outright, they would need to borrow to fund the purchase.
Working closely with a financial planner and their bank we were able to quickly set up a SMSF, including a bare trust with documentation that immediately met the bank’s strict legal guidelines meaning there was no back and forth causing delays on settlement.
Now the clients are settled into their new business premises and the business is progressing well. No more working on the kitchen table, the clients have a functioning office on their business premises meaning their home life is no longer mixed with business.
“The process of acquiring the property through the fund was a smooth one. We had the right people working on all of the facets of the purchase and now instead of paying rent to a stranger we are using the business to help build an asset for our retirement.” John from Merewether (not his real name!!)