Your SMSF Conveyancing Experts
Buying and selling property through an SMSF has many advantages, but the process has many restrictions and guidelines to follow. Our MDL Team are committed professionals with a wide range of experiences both within and outside the legal profession.
We have a wide range of industry professionals and clients who request our assistance with SMSF property transactions, as most conveyancing firms do not understand the intricacies’ and requirements of this area of law
The laws surrounding SMSF conveyancing can be very strict and carry serious taxation and compliance consequences for those that don’t follow the rules. There are restrictions on how you can borrow money, what property you can buy and from who as well as a comprehensive set of compliance documentation that has to be maintained.
The ATO and industry keeps a close eye on how SMSFs are set up and administered and the transactions that they enter into. They closely scrutinise all aspects of the conveyancing transaction from the property transfer, leasing, lending, creation of trusts, and transfer duty.
For this reason it is critical to have an experienced SMSF conveyancer on your side that knows how to navigate this complicated landscape and also work closely with your financial planners or broker to achieve the clients desired outcome with the minimum fuss.
Our team, not only has a wide and diverse knowledge and experience with SMSF conveyancing transactions across both commercial and residential property transactions but also take the time to walk clients through the complex steps involved, including:
Buying or selling in a SMSF
For the property to be eligible for purchase in an SMSF, it has to pass the sole purpose test and single acquirable asset rule. Specific steps have to be taken to carefully set up a purchase to qualify it as a single acquired asset as stipulated by the rules of investing with an SMSF. The correct entity (usual a bare trust) and timing of signing a contract to purchase in a SMSF is crucial to ensure compliance.
The process for selling a property in an SMSF is largely the same process as it is to sell a regular property. The only changes that occur will be where the money ends up after the sale and how it will be dispensed back to the trust and SMSF, but care needs to be given to special conditions to protect the seller
Off the Plan Contracts
There are some common pitfalls and risks involved in buying in an SMSF. A SMSF cannot purchase vacant land to construct on and as such its only possible to complete an off the plan purchase when the entire transaction is written up as a single contract usually being off the plan for a unit, townhouse or completed house.
Funding Arrangements and Solicitors Certificates
Many clients assume borrowing in their SMSF is the same as if they did so in their personal name. A SMSF is required to have specific funding and enters into a Limited Recourse Borrowing Arrangement (LRBA) which come with a number of requirements that not only need to be met when they are initially established, but for the life of the loan. Failure to adhere to these additional requirements can result in the breach of the LRBA which can have significant consequences for the trustees and the SMSF.
Borrowers and guarantors in SMSF transactions are often required to obtain independent legal advice before they can draw down on their loan.
A solicitor certificate is a document signed by your solicitor certifying that you received this legal advice, where we will carefully read the loan contract, mortgage, guarantee, and associated documents and provide you with a summary of your obligations under the loan.
Bare and Nominee Trusts
A bare trust is required to be sure that the trust complies with SMSF compliance law and state transfer duty laws. It must be done properly to ensure that the acquisition does not result in double transfer duty and entered into and signed before signing a purchase contract. We ensure the documents follow not only the state and commonwealth laws but also the lender’s requirements in case they have any special restrictions.
SMSF Title Amendments
Once the loan is paid out, the Property will need to be transferred from your bare trust company to the SMSF in its own right, this involves certifications, statutory declarations and compliance with transfer duty laws, which we handle for clients and their advisors from start to finish.
Family Law Overview
Your Family Law Experts
McCarthy Durie Lawyers Family Law Team pride themselves in all aspects of family law including separation, divorce, children’s matters, property settlements and domestic violence.
Our Family Law Team is committed to providing innovative and cost-effective solutions and to help you navigate these issues as painlessly as possible allowing you to move forward with clarity.
All members of our Family Law Team pride ourselves on providing results-driven advice, tailored to the individual needs of our clients. The dedicated family lawyers at our Brisbane offices provide experienced family law advice and will keep you informed at every stage of your matter, with a focus on responsiveness and accessibility.
If you are about to embark on a family law matter and want expert advice with your best outcomes in mind, click the below link to arrange an appointment.
How We Help
The first step toward a better tomorrow.
Meet Your Family Law Team
McCarthy Durie enjoys a unique structure for our Brisbane law firm. Instead of employing “jack of all trades” lawyers who attempt to turn their hand to every legal issue, we’ve assembled a team of legal experts who specialise in particular fields.
Client Testimonials
Looking for a conveyancer in Brisbane that values strong client relationships? Choose the Brisbane property law firm that genuinely looks out for your best interests, protecting your business and personal legal needs.
Both Colleen and I agree that from our experience with various legal conveyancing personnel across three countries, Carmen was the single-most excellent mix of professionalism and personalism. She went above and beyond the call of duty to achieve a successful end.
She was punctual, personable, professional…and patient. Perhaps this is just par for the course with MDL – but we were indeed impressed.
We will continue to employ any future conveyancing and legal consultations with MDL, and whenever possible in our worldly endeavours, request your expert advice and the hands-on competency of Carmen Robaldo.
Troy and Colleen Nelson - Cleveland Office
Ross & Lyndon are highly skilled solicitors who have represented Pelican Waters Development for many years. Their legal understanding and clear advice offered in areas of conveyancing, development and property is second to none. No legal matter is ever too big or small and are always willing to listen to our needs. Professional and diligent, they both work extremely hard to achieve the best possible outcome. Thank you very much for all your assistance and help!
The Team at Pelican waters – Brisbane Office
Hi Juliet. Thanks ever so much for your assistance throughout the sale. Your confidence is very reassuring.
