Re: Transferring Assets In-specie to and from your SMSF

Reply
Contributor
Posts: 68
Registered: ‎10-11-2015

Re: Transferring Assets In-specie to and from your SMSF

"Can an in-specie partial commutation count towards the annual minimum pension payment?"

 

** Important Update **

 

I believe that as from 1st July, 2017 the answer will be NO - so get in quick if you want to use this option.

Occasional Visitor
Posts: 1
Registered: ‎14-01-2017

Re: Transferring Assets In-specie to and from your SMSF

My wife and I are now in our Eighties and own a House property jointly with our SMSF. As we are in pension mode and need to take the required pension amount each year, is it posible to transfer the half share of the property to our selves as part of our pension drawings?


SMSFCoach wrote:




Contributor
Posts: 68
Registered: ‎10-11-2015

Re: Transferring Assets In-specie to and from your SMSF

Without knowing the details, all I can say is that an in-specie transfer has to be at market value and that it can only count towards your pension drawings up until 30th June this year.

There maybe stamp duty payable (depending on which state the property is in and/or whether the trustee is a company) - please read all the earlier posts and discuss this matter with an expert before proceeding.

After any such transfer, if the remaining fund assets are minimal, it maybe time to windup the fund - perhaps after transferring the balance to something like a retirement savings account paying an income stream.

Good luck with your remaining retirement.

Highlighted
Contributor
Posts: 52
Registered: ‎03-12-2015

Re: Transferring Assets In-specie to and from your SMSF

Ian, the Doctor is correct in that a partial lump sum commutation can be treated as a pension payment up to 1 July 2017 but the option is no longer available after that date. Very few accoutnants or administrators have used this strategy so your Accountant may initially say no and you will have to push for it (if they say it can't me done then let me know and I can send them a technical paper on how it is done). You will not pay any income or cgt tax on a SMSF pension payment or commuation at your age.

 

As the Doctor also mentioned there are other considerations as well especially Stamp Duty. Each state has different rules so you need to get specific legal advice. Let us know which State you are in and we can point you to a good SMSF property lawyer in that state. 

 

Best wishes

 

@SMSFCoach

 

 

Putting people back in control of their finances
Occasional Visitor
Posts: 1
Registered: ‎10-03-2017

Re: Transferring Assets In-specie to and from your SMSF

If we move property out of our SMSF to a company of ours , do we have to pay Stamp Duty on it?

Contributor
Posts: 52
Registered: ‎03-12-2015

Re: Transferring Assets In-specie to and from your SMSF

It depends on which state the property is in. Google Search "stamp duty on transfer of property from an smsf in (insert you state") for a general answer . I personally would contact one of the specialty smsf lawyers in your state for specific advice. Look at DBA lawyers in Vic, Townsend Lawyers in NSW, Cooper Grace Ward or Kieran Hoare Director (SMSF Specialist) at Merthyr Law in Queensland. If you are on LinkedIn then contact Caroline Harley who seems to be very good at this and knows the rules in every state. 

Putting people back in control of their finances
Download our ebook
"Taking your SMSF to the next level"