Hi there, I please need help.
I have 3 properties that I bought a while ago that I want to re-finance and transfer into my trust.
My accounatant reckons I will have to pay CGT, my banker says no because I am not selling.
Any comments? thanks in advance for your help
Your banker is incorrect.
You will be selling the properties to the trust, it will not matter if it is your trust or not you will need to pay CGT, stamp duty as well as set up costs for the structuring.
What state are you in?
Why do you want to sell IP’s to the trust?
There could be a cheaper option for you.CATA
Asset Protection Specialist
[email protected]Hi Cata, nsw here, and thank you for your reply.
When I bought them my brother lent me some money for the deposit. I have already set up the structures , what I wanted was to put them in the trust anhd thern allocate units equivalent to what each of us put at purchase time.
What do you mean by a cheaper option?
Thanks once again mate
It really depends on what you are trying to achieve. If it is Asset Protection then there is some other options rather than selling your IP’s to the trust.
Is the structure a Hybrid or Unit trust?
Is there a corporate trustee?CATA
Asset Protection Specialist
[email protected]
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