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Beating the deadline: undeducted asset contributions into super paper

Published on 03 Apr 07 by VICTORIAN DIVISION, THE TAX INSTITUTE

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.

Author profile:

Jeffrey Chang CTA
Jeffrey is a Partner at Thomson Geer, where he advises on a wide range of taxation, structuring and superannuation issues with a focus on privately-held businesses and high wealth family groups. His is accredited by the Law Institute of Victoria as a taxation specialist. He has held a variety of committee roles with The Tax Institute and is presently a member of the Victorian State Council. Jeffrey is the author of numerous tax articles published in professional journals, and a regular presenter at The Tax Institute's seminars. Current at 06 June 2016 Click here to expand/collapse more articles by Jeffrey CHANG.
 
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