29/10/2015

Preparing the documents needed by a SMSF or a discretionary or unit trust is only half the job.

To make your life just a little bit simpler, Townsends offers an implementation service (at a fixed fee) so we can do the whole job for you. This means that we attend to lodging documents with the Duties Office and Land Titles Office so you don’t have to!

If we are involved in the lodgement process we are able to ensure that all the i’s are dotted and the t’s crossed; and if they aren’t, we are on hand to help remedy the problem before it’s too late!

Here’s a little tale of when the flying solo battle was not won (the names have been changed to protect the innocent and the embarrassed).

Mickey and Minnie had a self managed super fund called “Pluto Investment Superannuation Fund”. They prepared resolutions to change the trustee of the Fund. The Fund owned real property called “Mouse Manor” in NSW and so the title had to be transferred from Mickey and Minnie as individual trustees to M&M Pty Ltd as the new corporate trustee. They signed and lodged a transfer form with the NSW Office of State Revenue (“OSR”) applying for concessional stamp duty but OSR requested a Deed of Change of Trustee.

It was only at this point that Mickey and Minnie came to us.

It turned out that Mickey and Minnie had not followed the rules of the Trust Deed for their Fund in appointing M&M Pty Ltd as the new trustee, and this appointment was invalid. The Transfer fell outside the concession, and OSR threatened to levy full stamp duty on that Transfer.

Had Mickey and Minnie come to Townsends Lawyers to prepare the documents and for the implementation, we would have ensured that the Deed of Change of Trustee was prepared in accordance with the Trust Deed prior to signing the Transfer and this stressful (and potentially costly) issue may have been avoided.

Implementing the documents Townsends Lawyers prepare is a much quicker and easier way to achieve your goals and comes with that most priceless of commodities – peace of mind.

The next time you order documents from Townsends Lawyers to effect a transaction, why not go the next step and ask us to handle the implementation as well.

For further information, please contact Townsends Business & Corporate Lawyers on (02) 8296 6222.