New duty exemption for limited recourse borrowing arrangements in Queensland

Posted by: Kylie Wilson

Recent amendments to the Duties Act 2001 (Qld), which apply retrospectively from 26 October 2011, now provide for an exemption in Queensland when a property is transferred by a custodial trustee of a bare trust to an SMSF where that property has previously been held on trust in compliance with section 67A(1)b of the Superannuation Industry (Supervision) Act 1993 (Cth).

There has always seemed to be some confusion surrounding the Duty implications at the end of a limited recourse borrowing arrangement in Queensland where the property held by the bare trust is required (in the ATO's view) to be transferred back to the SMSF.  This exemption now clarifies the position but it is still very important that SMSF trustees have the right documentation in place at the start of the arrangement and retain that documentation throughout the life of the loan so that these documents can be produced to the Office of State Revenue when the loan is fully repaid and the property is transferred from the custodial trustee back to the SMSF. 

If you have any questions about the exemption please contact Kylie Wilson or Tony Allen.

SARA Launched

Posted by: Megan Tilbrook

Development Red Tape

The State Assessment and Referral Agency (SARA) was launched 1 July 2013.  The introduction of the new agency is part of the Governments range of reforms that aim to reduce "red tape" in the development industry.

SARA provides a single point for the state assessment or referral of development applications which are to be referred to or assessed by the state.  All development applications where the State has the jurisdiction to assess an application are to be lodged and assessed by the Department of State Development Infrastructure and Planning.  The Department will then produce a "coordinated, whole-of-government approach to state development assessment".

More information on SARA can be found Here