Been thinking of a few ideas for my SMSF. One is owning a rental car. I've read through the literature and Acts. A SMSF can't directly invest in a business, a SMSF can own a collectible car that is garaged/insured etc. I'm sure there will be some rules against what I'm proposing. This idea would probably sit between classes of asset. A car that is not collectible (eg Toyota) and not a direct business asset, just subleased by a rental company for use by rental customers. Is this a pie in the sky idea?
If your get a car through your smsf Your not allowed to drive/register it And you'd be mad doing it "unless " you know the vintage/collectors car market
I know I can't drive it. A car still needs to be registered, though so it can be insured - unless you get laid up cover which limits who you can insure with. I'm not talking about a collectible car though, just a regular car I would send out to work for the fund and generate a return. I'm still thinking of the sole purpose test when considering this.
