For bare trust documents that are required as part of limited recourse borrowing arrangements under s 67A of the Superannuation Industry (Supervision) Act 1993 (Cth), please see here.
|Bare Trust Deed||$1,200|
|* Add $100 for hard copy
Pricing includes GST
What to do when fund assets cannot be held in the SMSF trustee’s name?
The starting point at general law is that legal title to fund assets must generally be held in the name of the current trustees of the fund. However, this is not always possible, eg, where an SMSF trustee is unable to hold legal title, and title is instead held by another entity.
The ATO acknowledges this issue on its website – click here.
Assets unable to be held in fund’s name
An unavoidable restriction (such as state law) may prevent your SMSF from holding assets using the fund’s name.
If assets cannot be held in the fund’s name, ownership by the fund must be clearly established. You can do this by executing a caveat, or creating an instrument or declaration of trust to enable the fund to assert its ownership.
If possible, documents such as sale agreements should be executed in the name of the trustees ‘as trustees for’ the fund.
To ensure that SMSF trustees can readily satisfy this ATO requirement, this document suite provides a tailored appointment of a custodian to ensure that SMSF trustees can assert and prove ownership over fund assets where legal title is held by another entity for practical, commercial or other purposes. Please note that these custodian appointments must be authorised under the governing rules of the fund.
- Covering letter
- Bare trustee resolutions
- Bare Trust Deed
The above fee does not include the provision of any advice and other attendances, eg, the transfer of assets to the bare trustee, and we generally recommend that expert advice is sought from an experienced lawyer where custodial arrangements are being contemplated.
If you require any further assistance or advice, DBA Lawyers would be pleased to assist. Please let us know.
The above documents are broadly offered on the basis that the asset being acquired and/or held by the custodian will be located in Australia. We invite you to contact us if the intended asset is located overseas, as there are numerous compliance and other issues that can arise with overseas investments and we may need to revise our fee estimate depending on the specific circumstances.
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