Self-managed Super funds are a fantastic tool for people to use for their retirement. One of the things I see quite often is clients who have taken money out of their self-managed Super fund to put into their business.
Now, while they have access to their money and it is propping up their business, it creates a lot of difficulties if the business can’t repay it. They shouldn’t actually borrow it in the first place.
The main thing to do if you are in difficulty with your self-managed Super funds is to go and see someone who knows how to straighten it out. There are many financial planners who understand this particular problem. You need to sort it out because you can have a lot of trouble with the tax office and other departments when you access these funds for your business.