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s66 SISA prohibits the SMSF acquisition. So the tax consequences are irrelevant for a SMSF. A SMSF cant acquire with a loan under s67A/B if s66 prohibits it. Cant be acquired with a loan either. Arms length is not a issue. Even arms length is prohibited. Your acquisition from the deceased...

The QLD Duties Act is the biggest issue. Change of ownership in QLD is dutiable. Even in a trust. An indirect trust interest change is taxable in QLD unlike other states. https://www.osr.qld.gov.au/duties/transfer-duty/trusts.shtml QLD has very generous land tax rules and very punitive...