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Jul 23, 2021

Treating Property in Super as Lunmpsum withdrawl

in SMSF Technical Forum

Can a SuperFund with both members above 60 and want to retire and wound up the SuperFund do this with a investment property in USA which they do not want to sell , but want to withdraw as lumpsum amount from SMSF as per market value of property so they can transfer it in thier personal name and keep it.

Are the trustees allowed to do so and treat it as lumpsum withdrawl from super so they can wind up thier Super.

Both are not working and retired and above 60 yers.

Kindly provide your opinion on it.

Thanks,

2 answers0 replies

Comments (2)

Mark "Lee" Dyball

Aug 04, 2021

The transfer of the property as In-specie must be allowed under the fund trust deed otherwise they cannot do it - but they can get a new trust deed done that allows it and then do it.