Thank you very much for your help guys, i really appreciate it. My account didn;t know and told me to ring the ATO. The waiting time to answer my question was over 1 hour.
Just to make sure I am on the right track, this is what I understand to be correct as follows:
1. Set up my own smsf with my wife and myself as trustees. 2. Transfer all of our industry superfunds into smsf. 3.Use this money as a deposit on an apartment thru the smsf. 4.Rental money pays of investment apartment loan. 5.After the loan is paid of, the money accumulates in my smsf tax free. 6.If I decide to sell the property under 1 year, we pay 15% capital gain or over 1 year 10% capital gain tax. 7.If I keep this property in my smsf until my retirement age 60yrs old, I can draw an income tax free.
