Can we borrow $400,000 to renovate our SMSF holiday property?
Being an active investor at retirement stage has been given a boost by a new entitlement to top up super without satisfying a work test, writes John Wasiliev.
Q: We are retirees (I’m 72 and my wife is 69) who own a residential investment property in our self-managed super fund in a holiday location that we think could do better as an investment if it was totally renovated. We have some shares and cash in our fund that could be used to do this. But it wouldn’t be enough, and we think we would need to borrow about $400,000. Is this possible? Bill.
A: The right to make significant top-up contributions to superannuation until the age of 75 could be one of the most important changes to superannuation in many years.
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John Wasiliev is a veteran SMSF specialist and has provided answers to readers' questions on superannuation for decades. Have a super question you'd like answered? Email John at superquestions@afr.com
