Here’s a tip! When it comes to SMSF loans, always ensure that the property deposit is paid from the SMSF account—not from a member’s personal account.
Did you know that once an SMSF loan is paid off, the ideal next step is to transfer the property from the bare trustee to the SMSF? In many states and territories, this transfer attracts only nominal stamp duty since the beneficial ownership doesn’t change.
But there’s a catch: the SMSF may need to prove that the deposit came from the SMSF account. Failing to do so could result in double stamp duty being applies.
While mortgage brokers can’t provide advice on these specifics, you can suggest your clients speak to their adviser/s. Get in contact with your local Connective Elevate BDM to learn more.
