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Hi This is continuation of the question that I ask a few days ago, where the husband died and wife is winding up the SMSF and transferring the investment property to herself. The Investment property is located in NSW. Question: 1 Is completed Transfer forms as being sufficient or whether I will need a proper contract of sale whereby the wife effectively purchases the property from the trustee?
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Hi Dawood,
From a SMSF audit perspective the transfer forms would be sufficient to support that the property has been transferred out of the Fund. My understanding is that a contract of sale is not normally required when a title is being transferred (rather than sold). As the rules may differ in different states I would ask the lawyer / convayencer that is doing the transfer if any additional paper work is required.
Thanks
SMSF AAA
Thanks