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Offline blackr35


  • Joined: Jan 2012

  • Location: adl
What's the deal with buying plates within a SMSF? My impression was that this is no longer possible as of July 31 this year? I thought this had contributed to the softish market.



Offline M308

  • Degranged

  • Joined: Aug 2008

  • Location: Adelaide
  • Name: Scott Thomson
What's the deal with buying plates within a SMSF? My impression was that this is no longer possible as of July 31 this year? I thought this had contributed to the softish market.
I've never confirmed the legalities of SMSF & Heritage Plates.

If 360c chimes in, he will probably have your answer.

You could be right though, but the market in Vic, NSW & Qld has been soft for a number of years though.



Offline mhh

  • Chief Test Pilot

  • Joined: Feb 2006

  • Location: Adelaide
What's the deal with buying plates within a SMSF? My impression was that this is no longer possible as of July 31 this year? I thought this had contributed to the softish market.

I once asked my accountant and was told it was possible if the plates were never put on a car due to the sole purpose test.  That was a while back so things might have changed for the worse. Tax rulings never seem to change for the better.



Offline M308

  • Degranged

  • Joined: Aug 2008

  • Location: Adelaide
  • Name: Scott Thomson
I once asked my accountant and was told it was possible if the plates were never put on a car due to the sole purpose test.
Yes, that's correct.....but.....I've also spoken to a few people who have registered their plates whilst in their SMSF. Not too sure how they did it though.



Offline mhh

  • Chief Test Pilot

  • Joined: Feb 2006

  • Location: Adelaide
Yes, that's correct.....but.....I've also spoken to a few people who have registered their plates whilst in their SMSF. Not too sure how they did it though.

Oh, it's dead easy to do.  It's just that an ATO audit will pick it up and then you have a substantial penalty and lifetime customer care from the Tax Office.



Offline M308

  • Degranged

  • Joined: Aug 2008

  • Location: Adelaide
  • Name: Scott Thomson
Oh, it's dead easy to do.  It's just that an ATO audit will pick it up and then you have a substantial penalty and lifetime customer care from the Tax Office.
I just remembered......I think he leased it back to himself from his SMSF.



Offline mhh

  • Chief Test Pilot

  • Joined: Feb 2006

  • Location: Adelaide
I just remembered......I think he leased it back to himself from his SMSF.

Mmm...it needs to be an arms length transaction.



Offline B2

  • Slowest Ferrari Owner

  • Joined: Apr 2008

  • Location: Melbourne
Mmm...it needs to be an arms length transaction.

That was always my understanding.  You can not use or lease back or benefit in any way something in the Super fund before you are in retirement.  Personally that is.  You can lease to someone else.

I guess it's like driving.  The speed limit is 100kph.  You can do 200kph if you want but when you get caught just be prepared for the penalty.



Offline M308

  • Degranged

  • Joined: Aug 2008

  • Location: Adelaide
  • Name: Scott Thomson
That was always my understanding.  You can not use or lease back or benefit in any way something in the Super fund before you are in retirement.  Personally that is.  You can lease to someone else.

I guess it's like driving.  The speed limit is 100kph.  You can do 200kph if you want but when you get caught just be prepared for the penalty.
Could you lease it back to a company you are a Director of?



Offline Condor Man

  • Is it a Bird?? Well, sort of, Yes.... 300kph+ club
  • Plastic Surgeon

  • Joined: May 2012

  • Drives: A car
  • Location: Melbourne
Bit like beach houses.

Many people are getting serious fines and there is talk of Jail too.

Not worth the risk.
May the Horse be with you....



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