I have money in employer super, all in shares funds of course, that is not part of my personal investment strategy and I would prefer to put this to work in some development projects. I consider this super as extra to my personal retirement needs and as such investments may be less conservative than the balanced fund in current use. I understand it is possible for a SMSF to enter a joint venture for property investing (I know the basics, no mortgage, can’t lease to relative etc) but I would like to know more of the limits of such a venture before going ahead and getting professional advise and starting the SMSF. For me it would be a good way of assisting the finance of these projects, and the SMSF would benefit from a medium term (2-3 years) investment. Also, perhaps in that time frame, it would be wise to have less exposure to the share market. Problems I have found so far: - using money in development projects must also pass sole benefit test for SMSF. - An Investment strategy that allows most of SMSF assets to be in one investment. - Not being considered as a "business". This is hard as the development must be done as GST registered because the properties will be sold within 5 years and so must charge GST. - Setup with the correct unit trust arrangement. - Cannot develop property already owned by individual, as then the SMSF would be investing in related party, so must be a newly purchased property bought by the unit trust. Can anyone comment on these problems of advise their experience with SMSF joint ventures ?