Provided certain requirements can be met there will be no Stamp Duty payable on the transfer.
Section 41 of Duties Act 2000 - Transfers to trustees or custodians of superannuation funds or trusts, in part states that provided the below is adhered to there will be no Stamp Duty:
1. Transfer is made without monetary consideration to a trustee or custodian to a complying super fund without monetary consideration.
2. There is no change in beneficial ownership / the beneficial ownership is not effected.
The State Revenue Office of Victoria requires the following:
Sections: s41 (3)
Lodgement category: ELM
Circumstances/Transactions:
A transfer to a trustee or custodian of a complying superannuation fund, a complying approved deposit fund, or an eligible rollover fund by a beneficiary is considered to not effect a change of beneficial ownership.
Evidence:
1. A statutory declaration by the trustee or custodian of the fund stating:
A. The capacity of the person making the declaration
B. Whether the transferee will be holding the property in its capacity as trustee of the fund
C. Whether the transfer is to a fund that in the opinion of the trustees, will be a complying superannuation fund, a complying approved deposit fund, a pooled superannuation trust or an eligible rollover fund within 12 months of the transfer taking effect (a complying fund)
D. Whether the transferor is a beneficiary of the fund
E. Whether there is a change in the beneficial ownership of the property as result of the transfer, and
2. Whether any consideration passed between the parties.
If the fund is not a complying fund at the time of the transfer taking effect, evidence that it will be a complying fund within twelve months of the transfer taking effect.
If you would like to discuss further please contact us:
McNamara and Co - Chartered Accountants, located minutes from the Melbourne CBD
www.mcnamaraandcompany.com.au/contact-us
Phone +61 3 9428 1062
Email admin@mcnamaraandco.com
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