Property passing to beneficiaries of superannuation funds

An exemption from duty may apply to a transfer of property from the trustee of a superannuation fund (the Fund) to a beneficiary of the Fund where the value of the property does not exceed the beneficiary’s interest in the Fund.

Where the value of the property exceeds the beneficiary’s interest in the Fund, duty is payable on the value of the property that exceeds the beneficiary’s interest in the Fund.

1. Digital Duties Form.
2. A copy of the superannuation fund deed and all amending deeds.
3. A copy of the historical certificate of title or historical title search.
4. If the property’s title particulars have changed since the property was acquired by the Fund, provide copies of the parent titles and the plans of subdivision or consolidation showing how the current title particulars were derived from the parent title.
5. Evidence of the value of the property being transferred to the beneficiary by way of:
   • a letter of appraisal from a licensed real estate agent and a copy of the rate notice
   • a valuation from a certified practising valuer who is a member of the Australian Property Institute or is a member of the Real Estate Institute of Victoria with sworn valuer accreditation.
6. The member accumulation account statement showing the transferee’s entitlement in the Fund.
7. A statutory declaration by the trustee of the Fund, addressing the matters set out below:
   • State whether the trustee has held the property in any other capacity and, if so, explain in what other capacity they acted.
   • Identify the provision of the superannuation fund deed under which the trustee has the power to distribute capital to the transferee.
   • State whether the transferee is a beneficiary entitled.
   • State the date the property first became an asset of the Fund.
   • Identify the provision of the superannuation fund deed under which the transferee was a beneficiary at the time the property first became an asset of the Fund.
   • If the transferee is not named as a beneficiary of the Fund:
     • Explain how the transferee is considered to be a beneficiary of the Fund.
     • Identify the class of beneficiary they are within the Fund.
     • State when they became a beneficiary of the Fund.
   • State the value of the transferee’s entitlement within the Fund immediately prior to the transfer.
   • State how the beneficiary has become entitled to the distribution of the property and state the provision in the superannuation fund deed under which they are entitled to the distribution.
   • State the value of the property being transferred and whether this value exceeds the transferee’s entitlement in the Fund. If the value exceeds the beneficiary’s entitlement, state by how much.
   • State whether the beneficiary is acting in their own capacity.
8. If a copy of the superannuation fund deed cannot be located and produced, provide:
   • A statutory declaration declaring what steps have been taken to locate the superannuation fund deed, made by a person having knowledge of those steps. 
   • Copies of financial statements and income tax returns of the Fund for the last three financial years, showing whether the property was dealt with as an asset of the Fund.
   • Any other material showing that the property is an asset of the Fund. For example:
     • a copy of the contract of sale for the purchase of the property by the trustee (showing capacity as trustee of the Fund).
     • if the trustee is a corporation, minutes of a directors’ meeting resolving to accept appointment as trustee of the Fund and to acquire the property for the Fund.