Tusts - stamp duty - PropertyInvesting.com

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Gorvis
Member
@gorvis
Join Date: 2004
Post Count: 2
June 15, 2004 - 5:04 am
I went to a recent investment forum and was told that a Trust had to be stamped within 28 days of execution, otherwise it would not have it’s full strength if legally challenged. Does anyone know if or why this is true?
Thanks.
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
June 15, 2004 - 5:07 am
That’s just the way it is. The govt likes to collect revenue and this is just another avenue. The stamp duty cost for a trust is $200 in NSW.
Terryw
Discover Home Loans
North Sydney
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Gorvis
Member
@gorvis
Join Date: 2004
Post Count: 2
June 15, 2004 - 5:21 am
I understand why the need to pay stamp duty. I’m more interested in the timing. Why does it need to be stamped within 28 days to retain the integrity of the trust?
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
June 15, 2004 - 5:30 am
Gorvis. Sorry, can’t answer that one. It is not actually a legal document until stamped, so that is probably why??
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au