Thank you @Tickety Boo ... glad you were motivated to act, albeit contacting your accountant thus far, from my enquiry. It’s interesting, in an earlier phone call to the broker firm, in response to a statement made during the conversation, I had a line of angst following my asking a resultant question at the time ... changing to corporate trustee doesn’t trigger a CGT event does it?!? The response was that he didn’t ‘think’ so. Accountant said ‘shouldn’t’ as you are not changing the actual ownership. Words such as ‘think’ and ‘shouldn’t give me no confidence when enquiring about any such matters. I’m wondering what happened to ‘no’. Somehow, I don’t think telling the ATO that I ‘think’ I did the right thing would quite cut it.
At least you have land ‘inside’ your SMSF ... we hold a unit ‘outside’. It’s in an area where prices have fallen (of course!) and we have reduced the rent due to COVID (despite the tenant not being directly affected ... the potential of losing 15 odd year good paying tenant was the catalyst). It hasn’t risen to the dizzying heights in value should it have been located elsewhere. Something else we need to address when we see some blue sky.
I have spent a while reading the article in your link and despite being ‘largely irrelevant’ there are certainly words of wisdom that can apply to anyone. Imo this article would be a gold standard for anyone in the farming community and despite being written for this sector, there is a lot of general information within. I will comment more fully when I get time as my Sunday is getting away from me and I need to be making a lot of headway each and every day, which I have difficulty achieving.
Happy Sunday ... I hope the sun is shining brightly over your farm today and less literally, may the sun shine over you and yours. Mmmm ... not sure whether parts of the Country are still in drought ... such is our media; if you are needing rain, then my sun comments might not be the best choice of words.
