LRBA unwinding pack and implementation service

Further fees will apply if more than one property is being transferred or the property is located in Queensland.

Once a super fund’s limited recourse loan is repaid the fund may wish to unwind the arrangement.

Effective 24 September 2007 the fund’s interest in the holding (bare) trust does not become an in house asset merely because the loan has been repaid. Therefore, as the loan comes to an end there are three choices for the super fund to consider:

• the super fund leaves the property in the holding trust,
• the holding trustee sells the property to a third party at the direction of the super fund,
• the holding trust is wound up and the property is transferred to the super fund trustee.

Stamping

If the holding trust deed has not been stamped we will need to prepare our stamp duty documents package to apply for concessional duty on this document.

If the holding trust deed was prepared by SUPERCentral the fee is $550 incl GST or $880 incl GST if the holding trust deed was not prepared by SUPERCentral (unless the property is located in QLD or the ACT).

Implementation Service

$595 incl. GST per property (plus disbursements). Further fees will apply if more than 1 property is being transferred.

Our implementation service includes lodgement of all relevant documents with both the duties and titles offices, as well as responding to any standard requisitions raised by either office.

For more information as to how our associated legal firm Townsends Lawyers, can assist, please call 02 8296 6266 or make an enquiry.