Changes to NSW stamp duty on dutiable property

Date of article: 22 November 2010
Last updated: 22 November 2010

The recent change to the NSW Duties Act now provides concession on transfer of "dutiable property" to a self managed superannuation fund if certain criteria are met.

To qualify for the $50 concession duty and not pay the full ad valorem rates of duty, there are two criteria which must be met:

• the transferor of the property is the only member of the superannuation fund or the property is to be held by the trustee solely for the benefit of the transferor, and
• the property is to be used solely for the purpose of providing a retirement benefit to the transferor.

What does this mean?

Subject to the contributions caps, if you are thinking about making an in-specie contribution of a business real property to the fund, you can now make this contribution and take advantage of the concessional duty of $50.

Please note that the Superannuation Industry (Supervision) Act only permits a fund from acquiring securities listed on an Australian exchange, which does not attract any duty, or a business real property from a member.

Our self managed superannuation fund deed can be amended specifically meet the requirements of the new duties provisions and NSW Office of State Revenue administrative practices.

Do you need help with your situation or if you wish to discuss the above, please contact us. Our contact details.