NOTE: We refer to the law in the state of Victoria.
The short answer is yes, but there are conditions that must be met.
One condition is that no consideration is paid. This would include not refinancing a mortgage, for example.
There are further conditions set out in the Duties Act 2000 (Vic). These include:
- That the duty that was payable when the property became part of the self-managed super fund has been paid;
- That the beneficiary was a beneficiary when that property first became part of the fund; and
- That the value of the property does not exceed the beneficiary’s interest in the fund.
If the second requirement is not met, the beneficiary may still be entitled to a concession. The concession in this subsection is explained by the State Revenue Office as follows:
“the exemption only applies to the extent of a beneficiary’s entitlement to the property of the trust.”
Before actioning a transfer, it is essential to ensure that your self-managed super fund is a complying superannuation fund for the purposes of the Duties Act.
Transferring property to or from a superannuation Fund or buying property in a superannuation fund can be fraught with difficulty. However, here at Wollerman Shacklock Lawyers we have the expertise to guide you through the process.
For further information or assistance, please call Wollerman Shacklock on 9707 1155 or email us at firstname.lastname@example.org.
Duties Act 2000 (Vic) – ss 41(1) & 41A.
State Revenue Office, ‘Property passing to beneficiaries of superannuation funds’ – https://www.sro.vic.gov.au/evidentiary/property-passing-beneficiaries-superannuation-funds