Ask Max: Your questions answered

Setting up a fund, reversionary pensions, lending money, non-concessional contributions, binding death benefit nominations, and SMSF annual accounting and audit fees.

Key take-out: An SMSF is banned from lending money to members and their associates, but can lend to an independent party on commercial terms.

I am thinking of setting up an SMSF and rolling into it $100,000 I have in AMP. Then I will direct all of my employer super to the SMSF. Once set up, can I transfer the property which I own and pay a mortgage? If yes what is the benefit?

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