Can You Live in Your SMSF Property Once Retired?
An individual who has reached retirement age or begun the transition to retirement process and is now able to access their superannuation funds may want to know if they can live in SMSF property once retired.
Yes, you can potentially live in your SMSF property once you reach retirement age. However, the process can be exceedingly difficult if the following rules and requirements have not been met while the property was owned by your SMSF:
- Property has passed the sole purpose test
- Property has been properly transferred to your name from the SMSF
- You have met the preservation age and allowed access to your superannuation
SMSF properties will not be eligible for a title transfer if the property has not passed the sole purpose test while it was still under SMSF ownership. If the property in question is still being owned by other SMSF members, you will not be eligible to live on the property when you have retired.
However, there are alternatives to the processes listed above that SMSF members can look into. Once retirement age is met, an individual can use their superannuation to purchase a new home or fund renovations for a currently owned home.
If you would like to learn more about the various ways to successfully use your superannuation once retired or how to properly live in SMSF property, reach out to the professional lending specialists at Mortgage House! We have the experience and knowledge required to assist SMSF members in all aspects.