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Unwinding borrowing arrangements


We have also seen a surge in demand from clients in relation to unwinding their clients’ limited recourse borrowing arrangements, which is the process of winding up the holding (bare) trust and transferring title to the property from the holding trustee to the fund trustee(s) once the loan is repaid.

If the transaction was properly structured and implemented, depending on the location of the property, the fund will be eligible for a concession or exemption on the amount of duty payable on this transfer.  While the process involves costs, the long term savings are likely to outweigh these.  For example, if the clients have no further use for the holding trustee company, it too may be de-registered - a saving of (currently) $263 a year in ASIC annual review fees. Once the property is in the name of the fund trustee(s), it can be improved or changed as desired and it is more easily transferred out as an in-specie payment to members. 

Also, the longer clients wait, the higher the chance of losing the documents which are so crucial to the application for the concessional duty on the transfer. No supporting evidence means no concessional duty.

To make the process as smooth as possible, we offer a fixed fee, end-to-end service to advisers, starting with the preparation of the necessary superannuation compliance and transfer documents to the delivery of the newly issued certificate of title to you or your clients. 

Please contact us on 02 8296 6266 for further assistance.