Transfer of property to Self-Managed Superfunds

Posted by Ross Selvaggio on 4 February 2016

A member of a Self-Managed Superfund may transfer property currently held by that member or members to the trustee, or a custodian of the trustee, of the Self-Managed Superfund. Recent amendments to the Duties Act 1997 (NSW) confirms that the stamp duty will be $500.00 on the transfer, provided the following criteria are met: 

(i) There must be no other members of the superannuation fund (besides the member or members transferring or agreeing to transfer the property; or the property is to be segregated from the fund property; and

(ii) The property is to be used for the sole purpose of providing a retirement benefit to the member (or members) transferring or agreeing to transfer the property; and

(iii) If there is more than one member transferring or agreeing to transfer the property, the property is to be used for the benefit of those members in the same proportions as they were before the transfer. 

The superannuation fund must be a complying superannuation fund. 

The OSR has evidentiary requirements that need to be fulfilled in order to satisfy duties assessment under this section. 

For further information and advice please contact Selvaggio Lawyers.

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