29/06/2016

We have obtained clarification that any transfers of unlisted units or shares registered in NSW signed on and from 1 July 2016 will not be liable for duty. This is already the case for transfers of listed units or shares registered in NSW.

Accordingly, a transfer of NSW listed or unlisted securities following a change of trustee (of an SMSF or unit/discretionary trust) will not be liable for stamp duty after this date.

Similarly, no duty will be payable on their transfer from a holding (bare) trustee to the SMSF trustee following the winding up of a limited recourse borrowing arrangement.  

However, while it may no longer be relevant for stamp duty purposes to ensure the SMSF paid for all of the purchase price for these assets, failure to do so could still trigger superannuation compliance issues.  Trustees should continue to be prudent in relation to this aspect of the transaction.  

There is no need to lodge the Transfer form with the NSW Duties Office to be marked as ‘exempt’.  

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