SuperGear for SMSFs
Accelerate your wealth with SuperGear - A lending facility for Self Managed Superannuation Funds
Achieving your investment goals can now be accelerated by making the most of the recently updated superannuation laws.
Changes to the superannuation laws means superannuation fund trustees can now borrow money to help purchase investment assets for their self managed superannuation fund (SMSF).
The ability to borrow can build on the taxation advantages currently available to complying superannuation funds and help a fund acquire a larger and more diversified portfolio of investments with a view to successful long term wealth accumulation. However, superannuation law is complex and penalties for non compliance can be severe, therefore careful management is paramount.
Commonwealth Bank’s SuperGear is an integrated financing solution that is designed to help you simply address all these crucial factors. It packages the power of gearing and makes effective use of the current laws applicable to your complying SMSF. SuperGear can help you make the most of the updated superannuation laws and accelerate your wealth accumulation capacity by:
helping you further diversify your investment portfolio by purchasing an approved investment property of your choice, partly funded by a limited recourse loan
giving you the opportunity to make more use of the significant income and capital gains tax rate advantages currently available to complying superannuation funds relative to other investment forms, including individuals, and
using a pre-packaged solution designed to be compliant with current superannuation and taxation law to simply and cost-effectively integrate with your existing SMSF.
SuperGear is now available to doctors at competitive rates through the MIGA Financial Benefits package, enabling geared investment in approved residential, rural or commercial investment property of your choice, including your medical practice.
The main additional advantages available through your SMSF borrowing funds to purchase the property from which your medical practice operates and leasing it back include:
the ability to more tax effectively structure lease payments from your medical practice to your SMSF and use the relative cost savings to help pay down the loan and build equity in the property faster; plus
the capacity to reduce any capital gains tax on sale of the property associated with any capital growth derived since its acquisition by the fund. In fact, no capital gains tax should apply to fund members who have subsequently reached pension phase.
To find out more about the Commonwealth Bank’s SuperGear lending facility and the advantages that may be available to you as a Memeber of MIGA, please contact Annette Starr on 0414 906252 or starra@cba.com.au.
Important Information: The product Information Booklet issued by Commonwealth Bank of Australia ABN 48 123 123 124 is available upon request. This information does not take into account investment objectives, financial situation and needs of any particular individual or self managed superannuation fund. Because of that, you should assess with the help of legal, financial and taxation advice, whether a SuperGear lending facility is appropriate in light of your own circumstances before acting on it. Information on taxation is based on current laws and their interpretation. All applications for the SuperGear lending facility are subject to the Commonwealth Bank’s credit approval process. Fees and charges apply. Full terms and conditions are included in the Loan Offer.
