All Topics / Help Needed! / Transfer of Title to trust – Off the plan
Hi, I purchased an off the plan prop last year and the stamp duty is due in February 2016. My wife and I are on the title of the contract. We are now considering transferring the title to a family trust as the off the plan prop will be our IP. My questions are
1. what is the process to get this done?
2. Will any costs be involved and What’s the best way to minimise costs?
3. Will any extra stamp duty incur?Thanks in advance!
PengHi Peng,
Please confirm if the property has settled?
Steve
Email MeThe devil is in the detail, always ask why?
What state?
Seek legal advice as generally stamp duty payable again as it could be considered a subsale. In VIC perhaps not.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
The property is in NSW and will be settled in late 2016.
Thanks Steve and Terryw for reply!
Definitely get legal advice. Sounds like you may be up for duty again. Is it really worth it?
What benefits will the trust provide over individual ownership?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
What about the land tax in NSW!!
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Definitely get legal advice. Sounds like you may be up for duty again. Is it really worth it?
What benefits will the trust provide over individual ownership?
Cheers
JamieHi Jamie, The reason to transfer to trust is that we consider establishing our investment portfolio as we have another off the plan prop to be settled in mid 2017. We did not thought through that well before the contract was exchanged last year. The stamp duty will be due for payment in January 2016. Is the duty payable again if the transfer is made before January 2016?
thanks,
PengWhat about the land tax in NSW!!
Hi Terryw, That is the area I am confused. Is the land tax threshold applied to off the plan property? What if the property transferred to a unit trust?
thanks,
PengWhat about the land tax in NSW!!
Hi Terryw, That is the area I am confused. Is the land tax threshold applied to off the plan property? What if the property transferred to a unit trust?
thanks,PengTrusts get no threshold in NSW
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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