Superannuation (SMSF) Property Investment & Conveyancing

Many times we come across the wrong names listed on the Contract for Sale of the property owned by a Superannuation Fund (SMSF).

For example, in one case, neither solicitor nor the bank noticed the error until the fund was audited by the accountants. Unfortunately, by this stage, the error was not able to be rectified quickly or cheaply for the client and they needed to undertake significant and protracted action in order to correct the error and prevent the client suffering substantial economic loss.

Don’t put your superannuation and retirement lifestyle at risk by using property or legal professionals who are not appropriately expereinced in the superannuation transactional area.

The team at Ascendia includes lawyers, accountants and superannuation experts who work in concert to ensure that your superannuation fund is both legal and compliant, and will allow for a stress free annual audit of your fund and no future financial headaches.

Getting the purchase or sale of a property when a Superannuation Fund is involved - is very important - due to the gravity of the consequences of getting it wrong.

Some of the consequences of getting this wrong are:

  • Being obligated to pay stamp duty twice at purchase
  • Losing the sale or purchase
  • Being obligated to pay stamp duty on the pay out of the mortgage
  • The Superannuation Fund being deemed by the Auditor or the ATO as a Non-Compliant super fund - which an incorrectly owned property can cause - can result in the loss of up to nearly half of the value of the fund (not just the property asset)
  • Being forced by the ATO to sell property incorrectly held by the SMSF at a time not of your choosing and to rollover all proceeds out of your super fund into a retail fund.

Please contact our office to discuss any property matters relating to your superannuation fund - in order to ensure that you have the correct advice and tranactional process and documents - the first time.