Stamp Duty – that hidden nasty
Estate Planning Update – Spring 2013
How do you get concessional duty under s 62A of the Duties Act on a transfer of property from a person to the trustee of their self-managed superannuation fund? The answer is that the trust deed must be amended prior to any transaction relating to the proposed real property transfer. This is the only way to ensure that the property is held by the trustee solely for the benefit of the transferor, which is the requirement of the section.
What about where property has been acquired under s 67A of SISA? How do you ensure that double duty is not paid when the property is transferred from the bare trustee to the superannuation trustee?
Duty on the transfer can be reduced to between $50 and $500 if s 55 of the Duties Act (the apparent purchaser provisions) has been applied at the time of the original purchase. Timing is everything!