Duty and Super Funds
A transfer of, or agreement for the transfer of, dutiable property to a superannuation fund, between superannuation funds, or from a superannuation fund to a member of the fund, may be occur with a nominal assessment being issued. This may be the case whether it is a gift or consideration is paid.
Certain conditions need to be met. There are also complications that can derail an application if not considered correctly. For example a gift to the fund may need for the asset to be kept seperate or that it is a closed fund.
Attached is the WA Office of State Revenue’s fact sheet and provides information about
- superannuation funds;
- transfer to a superannuation fund for consideration;
- transfer to a superannuation fund without consideration;
- transfer between superannuation funds without consideration;
- transfer between trustee and custodian of a superannuation fund; and
- transfer from a superannuation fund to a member