SMSF buying ban: ‘ordinary Aussies’ to suffer

Olga Ramos and her husband Loui began their investment journey in 2012, establishing a self-managed super fund (SMSF) as part of a long-term plan to future proof their family. With advice from financial advisers, accountants and lawyers, the couple decided the SMSF would provide a suitable structure for their investment strategy. More than a decade later, they currently own four investment properties across Sydney including a residential and commercial property in Norwest, a medical suite in Bella Vista, an apartment in Chatswood along with their family home in Kellyville. The couple’s most recent purchase in Billbergia’s Chatswood Grand Residences was made before newly announced changes affecting SMSF investors. As part of an agreement with the Greens to secure Senate support for budget changes targeting negative gearing and the capital gains tax concession, the government agreed to ban the SMSF borrowing for residential property. “I hadn’t heard of the specific regulatory changes, but obviously we had to sort of push forward the exchange the contract so that we wouldn’t be affected as well,” Ms Ramos said. Olga Ramos and her husband Louie, who own four SMSF properties. Picture: T...