If you have clients wanting to transfer Victorian property in to or out of a self-managed super fund (SMSF) this financial year, for example by way of an in specie contribution, or lump sum payment of benefits having met a condition of release, then you will need to get your skates on!
In previous years we have been able to date those transfers right up until 30 June, and then complete the duty assessment after that. This year the duty assessment must be completed prior to effecting the transfer, and the State Revenue Office (SRO) has up to 30 days to assess any such duty applications. Similar turnaround times are estimated in other States, with the New South Wales Office of State Revenue quoting timeframes of around 3 weeks on a ‘first come first served’ basis.
Ideally, documents would need to be lodged by the end of this week if you want to make sure you can get the transaction through this financial year. The same applies for other related party property transactions requiring a complex duty assessment, for example a transfer to a beneficiary of a family trust.
Although we are currently seeing quicker responses from the SRO, we expect turnaround times to be pushed out as we approach 30 June.
So the message is, there is still time, but you need to act now! Get in touch now with Lucy, Kathryn or Sophie in the property team at Partners Legal if we can assist.
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