This is a call out to anyone who wants to apply for a duty exemption upon the transfer of Victorian property in or out of a self-managed super fund (SMSF) this financial year. This may be through an in specie contribution to the SMSF, or a lump sum payment of benefits to a member (having met a condition of release).
The State Revenue Office (SRO) must complete the duty assessment prior to lodging the transfer and the SRO has up to 30 days to assess the duty application. Ideally all documents requiring complex assessment should be lodged by 30 May at the latest, giving the SRO sufficient time to assess. We also note that other states have similar timelines.
These time frames are also relevant for other related party property transactions that require a complex duty assessment, such as a transfer to a beneficiary of a family trust.
Whilst we are currently receiving quicker responses, we anticipate that turnaround times will be extended as we move towards 30 June.
In short, there is still a window of time, but it is best to act now. Please reach out to the team at Aintree Group Legal to see how we can assist.
We highly encourage all accountants and financial advisors to touch base with their clients about this too!
Sophie Cohen – Director, Aintree Group Legal