Awan Hammad

    Hi Phuong


    Thanks. You have raised a number of issues.

    Yes interim accounts should be prepared to value the member’s balance prior to a benefit being paid.

    The member should apply for a lump sum benefit and request the in-specie transfer of the property.

    The stamp duty rules are different in each state so it will depend on which state the property is in. This is best checked with the lawyer doing the transfer. As an example can normally not pay stamp duty in Victoria on an in-specie transfer of property to a Fund member (but stamp duty normally payable in NSW re such a transfer).

    If the Fund was in accumulation mode there would be CGT on any gain on transfer of the property. If in pension mode and a partial commutation is done then can have no CGT payable if required steps are followed.

    Yes the Fund can be wound up after transferring out / paying out Fund assets.

    Your client should get professional legal and tax advice given the complicated issues.



    The Auditors Institute


    New to this site? Sign Up

    We have upgraded our website for a better experience.

    Because of this upgrade, all members need to change their password to access their account by clicking the Forgot Password button below.

    Thank you and we look forward to your continued support!