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Deborah Awyzio
Deborah Awyzio, Solicitor
Category: Australia Law
Satisfied Customers: 863
Experience:  Bachelor of Laws (QUT), BIT (QUT), Family Law Accredited Specialist, over 12 years experience
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Claude i am 65 1/2 year old Ihave sold my business and paid

Customer Question

My name is ***** ***** am 65 1/2 year old Ihave sold my business and paid off my factory that is free from capital gain
because of small business concession I will like to transfer that factory to my super fund
watt is the best solution to do this without paying too much fees etc etc
Now my super has around $ 450000 and my factory is worth around $ 600000
And i do not want to paid stamp duty
Best regards
Jean-claude Desille
Submitted: 1 year ago.
Category: Australia Law
Expert:  Leon replied 1 year ago.

Good Morning

My name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question. Please understand this is not legal advise Please understand this is not legal advise but a guide to assist you.

You will need to speak to your accountant about transferring it and make sure that it does not exceed the contribution amounts. If that is ok then the transfer is simple.

If the ownership of the Factory is the same as the beneficiaries of the Superfund the stamp duty is $50.00 and you simply prepare a transfer.

A solicitor can do it all fairly cheaply but you have to make sure that the parties are the same.