#10303
Awan Hammad
Participant

    Hi Noble

     

    From an audit perspective normally, the auditor just requests a declaration or statement that the trustees are holding the property in trust for the Fund.

    As property rules are state based you do need to consider the rules relating to each state.

    In Victoria the SMSF is not listed as the owner on the title for property. The State Revenue Office should have been informed by the lawyer / conveyancer at purchase that the property has been purchased by a trustee or trustees on behalf of the SMSF.

    You should request a recent State Revenue Office land tax assessment notice and make sure that the notice refers to: “This notice is issued to you in your capacity as trustee for:” eg. XYZ Super Fund.

     

    Thanks

    SMSF AAA

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