Tax Tip 235: Transfer of a SMSF property in Vic to member in without duty

Discussion in 'Accounting & Tax' started by Terry_w, 3rd Sep, 2019.

Join Australia's most dynamic and respected property investment community
Tags:
  1. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    42,005
    Location:
    Australia wide
    For property located in Victoria it is possible, under certain circumstances, to transfer that property from the trustee of a SMSF to a beneficiary of the super fund without needing to pay stamp duty again. S 41A Duties Act VIC

    DUTIES ACT 2000 - SECT 41A Property passing to beneficiaries of superannuation funds


    Example

    Homer sets up the HomSup Superfund with Homos Pty Ltd as the trustee. Homos Pty Ltd purchases a nice house in its capacity as trustee. After 10 years Homer causes Homos Pty Ltd to transfer the property to himself. There should be no duty on this transfer if he requirements of s 41A are met.
     
    Terry_w, 3rd Sep, 2019
    #1