Legislation tabled in Parliament which would give effect to the Government’s Stronger Super proposal to restrict transfers between related parties and self managed superannuation funds (SMSFs) is no longer proceeding.
In broad terms, the changes would have required independent valuations for assets such as business real property and certain other assets (including in-house assets) where such assets were transferred between related parties and SMSFs.
Because of the coalition disagreement, the Government decided not to proceed with this legislation.
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Submitted by: Mark Debeljak – Director of Rubiix
Definition of off-market transfers
The transfer of shares between parties without using a stockbroking firm as the intermediary. Off-market transfers are executed through the use of an ‘Australian Standard Transfer Form’.