Note the residential property will no longer be able to be a negatively geared property in the SMSF and so the expenses related to the property will not be able to be accounted for in the SMSF. Commercial property can still be purchased by the SMSF and all related costs claimed as per usual.
Yes – if a business partnership commences with a spouse from the other couple who are buying the property in the UT, then this would then be viewed as a related party transaction for the SMSF.
Other requirements – ASIC done for the corporate entity of the Unit Trust to which all persons involved in the UT are directors; Trust Deed for the Unit Trust; Units in the UT to be issued to the parties involved; Bank account for the Unit Trust; property held correctly by the corp ttee of the UT on title.