- a friend of mine asked a question on the legal process and fees invovled in intra family sale of assets from one family member to another. would it be fair to say you would do this through a discretionary trust structure?
if so, whos the trustee and what are the expenses like on the transferal fees etc.
thanks for any response
Whether you use a trust or not will depend on the situation of the new owners. There will be stamp duty involved and possibly CGT payable if the property was an investment as well as legal fees – all this whether or not you use a trust. Actually all of these costs probably could have been avoided if the property was originally in a trust. Stamp duty will be charged at the market value of the property. Legal costs probably similar for normally selling and buying (2 transactions here). If you want a trust that may take another $1000 to set up depending on who the trustee is and whether you need advice. The trustee could be a company or an individual or a combination (unusal).
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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