Peter Johnson says many people think that if an SMSF invests in, for example, a houseboat, it is somehow different from investing in BHP shares.
“It could be anything [the fund invests in] – they may want to buy a camera in an SMSF, a pair of shoes, or get plastic surgery in their fund,” Johnson said.
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“People keep thinking, well, if it’s a houseboat, it’s different from if it’s shares, it’s different to if it’s a pair of shoes, it’s different to if it’s a building – no, it’s not.”
Johnson said that although the Superannuation Industry (Supervision) Act mentions specific assets, the rules that apply are the same and must be complied with.
“There is no list…
