Forum Replies Created
- Terryw wrote:misleading and deceptive conduct under the Australia Consumer Law. See schedule 2 of the Competition and Consumer Act 2010
This is indeed true and has been confirmed in the NSW Court of Appeal in Statewide Developments Pty Ltd v Higgins [2011] NSWCA 35.
Terryw wrote:CGT is a commonwealth tax so no matter where it is there would be tax payable. Stamp duty is state based, in NSW you would pay 0.6% stamp duty on the transfer of the shares which would be much less than transferring title to the property. Also stamp on shares in private companies are supposed to be abolished at some time – possibly next july.Thanks Terry.
Would the stamp duty abolishment affect all companies established after July next year? Or would it affect companies all companies irrespective of when established?
Also, do you know how the shares in a private company are valued? Because, when one establishes a company, they issue $1 (or so) shares. What happens if someone sells those shares to someone else for $1? (in terms of CGT and stamp duty calculation)
Thanks again
Hi terry,
Thanks for your reply.
Regarding:
Terryw wrote:Disposal of shares by a trust would result in CGT and stamp duty in some states. As the discretionary trust must vest then this will result in the CGT down the track too.I am in NSW. I'm not sure if CGT and stamp duty applies.
However, if I understand the situation correctly, the CGT and stamp duty would be payable on the shares, which would be lower in value than the value of the property that is the principle place of residence. Or is that incorrect?
I'm not in SA, so I don't think the PIT is viable for me. As I said, asset protection is my main concern.
Thanks
