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Jun 09, 2022

Property Being Lump Summed Out

in SMSF Technical Forum

Hi,

I have a query on where a property, or shares for that matter, are lump sum in specied out of an SMSF must they be received by the member personally. E.G property worth $3 million and a lump sum of $2 million is processed for one memeber and $1 million for another do thye need to then have 2/3 shares and 1/3 shares allocated in the property respectively?

Note they are definitely transferring it to individuals and not a faily trust or company. They have got a formal valuation done and will assess it all for stamp duty etc.

Thanks

2 answers0 replies

Comments (2)

THE AUDITORS INSTITUTE

Jun 10, 2022

Hi CV

Thanks & the article addresses the issue which is great.

Yes agree with the article that the stamp duty would need to be reviewed based on the state the property is in.

Regards

SMSF AAA