Ever heard of DA 000.10.1?

Is it the latest COVID19 variant?

If you have a Self Managed Super Fund, you might want to read on…

DA 000.10.1 is a Public Ruling by the Commissioner of State Revenue.

As your level of interest starts plummeting to zero, I’m hoping, if you’ve read this far, you’re prepared to read a little further…

The effect of the Public Ruling, is that:

  1. If you have a Self Managed Super Fund;
  2. It owns land; and
  3. You want to transfer that land on your death to your intended beneficiaries,

there will likely be Stamp Duty payable on that transfer.

As an example, Stamp Duty payable on the transfer of a $1M property is $38,000.00.

It is a completely different situation where you own land personally (rather than in your super fund) and gift that land under your Will.

The gifting of land owned personally and distributed under your Will is Stamp Duty free – as it falls neatly into a specific stamp duty exemption.

It is a very different position, however, if you are trying to do the same thing but through your Self Managed Super Fund !

Food for thought…