Compay Structure

Viewing 4 posts - 1 through 4 (of 4 total)

Smiley1
Member
@smiley1
Join Date: 2003
Post Count: 13
May 2, 2005 - 12:17 am
I purchased a house about 12 mths ago on a large block in my personal name. I am subdivding the block as the house is set to one side.
Can I put the new title in the company name as the conveyencer is asking for the name details to registrer the title.
I want to build on the new block and sell the house when completed.
My company is a Trading co.
I also want to sell the original house as well.
Can I asign this one to the company.
Will I be up for stamp duty
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
May 2, 2005 - 2:33 am
That’s a bit complicated and something you should run by your accountant. Before you do, have a quick read up on the benefits of a discretionary trust – instead of a company.
Terryw
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skmesser
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@skmesser
Join Date: 2003
Post Count: 4
May 7, 2005 - 1:14 pm
Definitely one for some professional advice Smiley, to see if you can find an applicable exemption in the relevant State’s Duties Act. My feel for it is that you will be up for stamp duty because the new block will effectively be going from your ownership to the company’s ownership.
Let us all know the professional’s answer if you get one.
SKM
cata
Participant
@cata
Join Date: 2005
Post Count: 559
June 6, 2005 - 10:24 am
my thoughts are the same. You own the block now and to transfer it to a company you need to sell it, making it subject to stamp duty and CGT.