Swap purchaser on settlement?

I am sure I have read about this thing being pulled off (for different reasons).

Situation:

- Have found a place for someone to acquire through their SMSF
- SMSF is in the process of setup and may not be complete prior to auction

Idea:

- Request longer settlement
- Have clause written up, enabling buyer to sign contract at auction under personal name but transfer name of purchaser (to SMSF) upon settlement


Question:

- Anyone had the experience of doing this or something similar?

In my limited knowledge, it seems the only solution enabling the buyer to to bid at auction (or offer prior).

I believe I have read about this on at least one or two occasions. One example was a bloke who found a place under value, offered with such a clause (and a longer settlement), then went searching for a new buyer at market value, which he found. He essentially switched purchasers on settlement and netted a tidy profit.

I?m not asking for the same reasons but if it?s been done, I have hope it can be repeated.
 
Very risky at the best of times, more so with a SMSF.

Many issues such as stamp duty, liability, asset protection, breach of the SIS Act etc.
 
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