All Topics / Legal & Accounting / CGT and Discretionary Family Trusts

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  • Profile photo of WayupNorthWayupNorth
    Member
    @wayupnorth
    Join Date: 2003
    Post Count: 4
    June 22, 2004 - 10:59 am

    Hi All,

    I’m looking to setup a trust but I’m not sure whether it is worth the $2000. Any words of advice ?

    Secondly can someone tell me whether a discretionary trust is still entitled to the 50% exemption for CGT on selling the property if the asset is held for longer than 12 months ?

    Profile photo of GreatPigGreatPig
    Member
    @greatpig
    Join Date: 2004
    Post Count: 284
    June 22, 2004 - 11:44 am
    Originally posted by WayupNorth:

    can someone tell me whether a discretionary trust is still entitled to the 50% exemption for CGT on selling the property if the asset is held for longer than 12 months ?

    My understanding is that capital gains in the trust must be distributed each year to the beneficiaries, who would be able to claim the 50% discount.

    However, I’m not an accountant, and this is just my understanding.

    GP

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    June 23, 2004 - 2:43 am

    I agree with GP on the CGT.

    Check out http://www.lawcentral.com.au for cheap trust deeds ($275).

    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

Viewing 3 posts - 1 through 3 (of 3 total)

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