18/01/2021
Recently, a client came to our office seeking advice with regards to the closure of their Superannuation Fund.
The only asset the Superfund owned was a rural block of land.
Our clients were concerned with what would become of the block and if they would be liable for stamp duty on any transfer.
Under section 29 of the Duties Act (2008), property can be transferred to the beneficiaries of the Superfund with the Office of State Revenue charging a nominal rate of duty being $20.00 only.
It is worth knowing that each transaction must be submitted to the Office of State Revenue for assessment and their turn-around times can range from 2-3 weeks depending on how complex the transaction is.
Please don’t hesitate to contact us if you have any queries or questions relating to this matter.