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SMSF trust deeds are generally exempt from transfer duty. You may need to pay duty on other SMSF transactions, like buying property, unless a concession applies.
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Transfer duty is a state tax that is charged on a range of property transactions and documents.
It most commonly applies when buying or transferring real estate in New South Wales (property) or declaring a trust over property.
Transfer duty concessions are available for certain transactions related to complying self-managed super funds.
What is a self-managed super fund
A self-managed super fund (SMSF) is a member-run trust that allows individuals to control their own retirement savings.
Unlike industry or retail super funds, the trustees of the SMSF are responsible for all investment, compliance, and administrative decisions.
SMSFs must be registered with the Australian Taxation Office (ATO).
amendments to your existing SMSF trust deed (for example, to change member details, update investment powers, or modify pension arrangements).
You do not need to lodge these deeds with Revenue NSW for endorsement.
When does transfer duty apply
You may need to pay transfer duty when:
your SMSF buys property
your SMSF sells or transfers its property to a member of the fund, or
property is transferred in other circumstances that are not eligible for a concession, or
a custodian buys property on your SMSF’s behalf.
Generally, full transfer duty applies when you personally acquire property from your SMSF (such as when you retire). Read more about how to calculate transfer duty.
Transfer duty will also apply, if as a result of the transfer, your SMSF ceases to be a complying fund. See transfers into a SMSF for more details.
Limited exemptions may apply in specific circumstances.
We recommend seeking independent legal and financial advice before moving property out of your fund.
Concessions for self-managed super funds
A concession is a reduced rate of transfer duty.
Open the headings below for details on the concessional rate, eligibility requirements and documents required for an application.
You own a commercial property in your name and want to transfer it into your SMSF (noting this must comply with SMSF laws about related party transactions – generally only business real property can be transferred).
Concessional rate
You will need to pay $750.
If your SMSF is using a limited recourse borrowing arrangement to acquire property through a custodian (bare trustee), additional concessional duties may apply.
This concession applies when you are using a custodian (bare trustee) to hold property on behalf of your SMSF, typically when your SMSF borrows money to buy property under a limited recourse borrowing arrangement.
Your SMSF is borrowing money to buy a commercial property. To meet the requirements of the SIS Act 1993, a custodian will hold the property until the loan is repaid. The custodian executes a declaration of trust stating they hold the property for your SMSF.
Concessional rate
You will need to pay $750.
Eligibility requirements
Full transfer duty (or duty under section 62A) must have already been paid on the property purchase.
The purchase money must be provided by the SMSF.
The declaration must:
name the SMSF
identify the property being purchased, and
confirm that the SMSF provided (or will provide) the purchase money.
The SMSF must have been in existence when the custodian signed the purchase contract.
You are changing your SMSF from individual trustees to a corporate trustee, and the fund's commercial property needs to be transferred to reflect this change.
Concessional rate
You will need to pay $100.
Eligibility requirements
The transfer must be because of a trustee retiring or a new trustee being appointed.
The transfer must not be part of a scheme to avoid duty or to give someone a beneficial interest in the property.
This concession applies when you are moving your super benefits from one fund to another, and property is transferred as part of that move (called a rollover).
This concession applies when property moves between the trustees and custodians of the same superannuation fund or trust, with no change in who benefits from the property.
It is commonly used when setting up or unwinding limited recourse borrowing arrangements (where SMSFs borrow to buy property).
Your legal representative can process certain applications straight away.
If your transaction requires assessment by Revenue NSW, your legal representative can advise on when you can expect a decision about your application.
Objections and reviews
If we reject your application for a concession, you can lodge an objection within 60 days of the decision.
If your objection is unsuccessful, or Revenue NSW does not respond within 90 days, you have the right to seek a review by the NSW Civil and Administrative Tribunal (NCAT).
When we have assessed your application, your legal representative will receive a Duties Notice of Assessment (Notice of Assessment).
A Notice of Assessment is a document from Revenue NSW that informs a purchaser or transferee of the amount of duty they must pay. Read more about paying duties, including what happens if you do not pay by the due date.
Record keeping
We recommend that you keep records of your application, including copies of the required documents, for at least 5 years.
Call the duties team on 1300 139 814 or +61 2 7808 6916 if you are overseas. Staff are available Monday to Friday, 8.30am to 5.00pm AEST (excluding public holidays).
