SMSF Property Purchase Documentation Requirements

This checklist outlines the key documents required relating to the purchase of a property as well as the ongoing information to be supplied for the annual completion of the SMSF return and independent audit.

Please also see our online SMSF Property Document Form where you or your clients can upload documents relating to BOTH the initial purchase of an SMSF investment property as well as the ongoing annual requirements.

TIP: The SMSF Property Document Form can also be embedded into your website for your clients to use. For more information please see the document attached to this article.

Initial Purchase Items:

  • Signed Contract of purchase*
    • Key front pages with purchaser and vendor details, property details, deposit paid etc.
  • Tax invoices for pre-settlement items (where applicable):
    • Building inspections
    • Pest inspections
  • Tax invoice for property insurance
  • Receipt for any solicitor’s fees paid upfront

 

Property Settlement Items:

  • All correspondence from solicitor including:
    • Settlement statement
    • Tax invoice for solicitor’s fees / conveyancing fees
    • Statement from solicitor showing any trust account refunds (where applicable)
    • Details of any stamp duty payments (if separate from settlement statement)
  • Depreciation schedule from quantity surveyor
  • Tax invoice for depreciation schedule

 Loan Items (where applicable):

  • Signed loan agreement from bank / lender
  • Initial loan account statement from bank / lender
  • Signed bare trust / holding trust deed and minutes

 

Annual Items to Provide for the SMSF Accounts / Audit:

  • Property management statements
    • Either an annual summary or 12 x monthly statements can be provided
    • Most property managers enable a duplicate statement to be email to your adviser
  • Lease agreement where a property manager is not utilised
  • Receipts for any repairs and maintenance carried out
  • Council rates and water rates notices
  • Tax invoice for property insurance
  • Strata / body corporate levies (where applicable)
  • Land tax notices (where applicable)
  • Loan statements (where applicable)
  • Independent valuation (every 3 years / commercial properties only*)

 

*Where a commercial property is being purchased from or leased to a related party of the SMSF an independent valuation is required to determine the purchase / transfer price as well as an independent rental assessment is required to confirm the lease amount.

 

A word version of the above checklist is available to download below.  You are free to modify or apply your branding to this document.

Have more questions? Submit a request

0 Comments

Please sign in to leave a comment.
Powered by Zendesk