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QIC allocates to intellectual property
The benefits of owning property within self-managed superannuation funds have been thrown into doubt, according to a director of William BuckChartered Accountants, .
According to Carrabs, the trap arises in respect to the inheritance of property owned by parents’ superannuation funds by non-dependent children.
She said upon taking possession of the property, the children faced an immediate tax liability of up to 16.5 per cent of the property’s value after July — the first time this type of tax had been introduced in Australia.
“The introduction of this tax is effectively a death duty by stealth, as a great proportion of the $21 billion worth of self-managed superannuation funds now own or part-own property,” Carrabs said.
AUTHOR
Mike Taylor
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