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Beating the Deadline: Undeducted Asset Contributions into Super

Published on 03 Apr 2007 | Took place at Leonda by the Yarra, Hawthorn, VIC

Radical superannuation reform, a deadline of 30 June for $1 million in non-deductible contributions, restrictive SIS rules, a maze of stamp duty and GST, complex but generous CGT concessions...it all adds up to a heady mix of opportunities and risks. You need to be able to competently advise your client. This session will enable you to identify opportunities for clients to transfer existing assets in their SMSF before it is too late.

Individual sessions

Beating the deadline: undeducted asset contributions into super

Author(s):  Jeffrey CHANG

Issues covered in this paper include:

  • what type of assets can a SMSF acquire from a member or related party of the fund?
  • what steps need to be taken for the asset to qualify?
  • Should the asset be contributed to the fund in-specie? Should the fund receive a contribution of cash that can then be used to purchase the asset? Could the asset be distributed in-specie from a discretionary trust?
  • Can the transfer be achieved without stamp duty? Will GST of CGT be payable? Is there a risk that anti-avoidance provisions could apply?
  • Traps for the unwary in common scenarios including:
    • business premises and listed shares
    • assets owned by a discretionary trust, unit trust or company.
Materials from this session: