Home – New Forums Other discussions Changing property title into super

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  • #990712
    DC_vic
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    Hi all,

    Just wondering if anyone knows about changing their principal place of residence (in Victoria), from their own name to their super.
    Eg. change from your own name (Dee Citizen) to Dee Citizen superfund is this allowed and does it attract stamp duty?
    Or does it have to be “Dee Citizen” to “Dee Citizen ATF for Citizen Family Trust.”

    Thanks in advance
    DC

    #1178275
    MissSassy
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    Definitely a legal question and you will definitely be paying for the change, plus I am not sure that your principal place of residence can be owned by your super!!

    #1178276
    Jason@Plumsale
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    You are not aloud to do this.. Super funds must not acquire properties from a related party of a member. They also can’t be rented to a related party of a member either.

    #1178277
    DC_vic
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    Thanks MissSassy and Jason@Plumsale!

    So property can’t be transferred into your super, what about those self manager super fund (smsf) I’ve heard about.. but know nothing about..
    or can property only be acquired under trustee name for a family trust…

    #1178278
    Jason@Plumsale
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    I am no expert, I’d suggest you talk to a financial advisor.. Most will provide advise for free as they take fees out fro managing your smsf and the regulatory audits.

    in simple terms yes the smsf purchases the property, how this is done will depend on how your smsf is structured and if your smsf is borrowing money for the purchase.

    #1178279
    PRO
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    Highly regulated area.

    Also need to consider that you may be up for full stamp duty as well, it is effectively a purchase by the SMSF of a related party property. I

    #1178280
    DC_vic
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    Thanks Jason@Plumsale and PRO!

    I’ve spoken to an accountant who says an investment property from my own name can be transferred to the SMSF.. but they are not sure whether I need to transfer the name on title to the smsf… the accountant thinks i can save on tax…

    any thoughts?

    #1178281
    Anonymous
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    Hi DC_vic,

    Please bear in mind that this is a small business forum rather than an investment or financial advice forum.

    We usually find that the investment advisors and other financial experts around here are only able to provide general advice in a forum environment, and that you need to consult someone for advice specific to your circumstances.

    Best of luck with it,
    Jayne

    #1178282
    bb1
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    DC_vic, post: 207622 wrote:
    Thanks Jason@Plumsale and PRO!

    I’ve spoken to an accountant who says an investment property from my own name can be transferred to the SMSF.. but they are not sure whether I need to transfer the name on title to the smsf… the accountant thinks i can save on tax…

    any thoughts?

    I would be double checking on your accountants advise, you cant live, or use a property that is in you own super fund.

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