ATO yet to alter SMSF rules for renovations

ATO yet to alter SMSF rules for renovations

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The Australian Taxation Office (ATO) has yet to alter its intepretation of rules around using self-managed superannuation funds (SMSFs) to renovate property, despite recent reports that may suggest otherwise.

A recent Real Estate Business suggested that funds from within a SMSF could now be used to renovate properties.

Instead, Real Estate Business can confirm that the ATO has only issued a draft ruling, and at this stage it's just accepting comments on how it proposes to change its intepretation of the relevant SMSF rules.

The draft ruling can be obtained here.

Comments are being accepted until October 28.

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