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ARTICLE · 10 JULY 2019

Stamp duty concession for transferring real estate between SMSFs in NSW

Cooper Grace Ward
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NSWCAT set aside a notice of assessment for transfer duty on transferring real estate from one sole member SMSF to another.

AustraliaTax
Scott Hay-Bartlem
Scott Hay-Bartlem
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The NSW Civil and Administrative Tribunal has set aside a notice of assessment for transfer duty on the transfer of real estate from one sole member SMSF to another.

The facts

For more than 20 years, Mr Forbes was the sole member of an SMSF, with both a pension and accumulation account. The assets of the SMSF included real estate.

Following the 2016 changes to superannuation, Mr Forbes established a second SMSF, of which he was also the sole member. He rolled his pension to the new SMSF and transferred real estate from his original SMSF to the new SMSF.

Mr Forbes claimed a concession from transfer duty for the transfer of the property between the funds under section 61 of the Duties Act 1997 (NSW), which provides concessional duty on the transfer of property in connection with a member ceasing to be a member (or ceasing to be entitled to benefits) in a fund and becoming a member (or becoming entitled to benefits) in another fund.

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