Authorisation for release of Funds

Who can Authorise

  • Each and every Trustee or Director of SMSF AND (if different) each and every Trustee or Director of Bare Trust; OR
  • Representative being:
    • Solicitor; OR 
    • Licenced conveyancer, listed on the contract.

Notes

The ‘bare trust’ will be the Vendor on the contract who sells the property on behalf of the SMSF, the bare trust technically owns the property but cannot disseminate money in its own name. Hence the need for signatures from both entities. In most situations persons are both members of the SMSF and Trustees of the bare trust. Members will need to authorise the release of the funds in their capacity as a trustee or director of the SMSF and again in their capacity as trustee or director of the bare trust.