SMSF - Susan O'Connor Accounting

❗️Here’s why it’s a costly mistake (and what many don’t realise):
When you’re buying property in your SMSF there’s one thing you must get right: the name on the contract.
It is actually surprisingly common that we see clients who have signed an offer and acceptance in their personal names instead of the correct legal name of the Trustee for the SMSF.

⚠️ Here’s why it matters:
• If the purchaser name isn’t the correct legal name of the Trustee of the SMSF you could trigger compliance headaches and audit issues.
• You may face double stamp duty when you try to correct the name later.

✅ What you should do:
• A contract should be prepared in the correct legal name of either: the individual trustees or the corporate trustee of the SMSF
• When purchasing property via a bare trust, the contract must name the correct entity

If you have complex issues, get in touch with us. We are expert SMSF accountants and advisers and we have helped many clients just like you. We take care of all of your SMSF needs in one place: SMSF set up, advice, accounting and tax.

Get in touch with us today for a confidential discussion.
Email [email protected]
Phone 0401217901



This is a summary of the information and is not comprehensive, this is general information only and I have not considered your personal objectives or circumstances. Please consult with a specialist and licensed financial adviser like us to discuss your specific scenario before acting on this information.

Accountants cannot advise on stamp duty or contracts you should seek advice from a lawyer or property conveyancer.