A colleague is to inherit his parent’s IP’s when they pass. Is there any way that the assets can go into an existing ora new trust(s) or directly into his smsf?
Do his parents have to rewrite their wills to stipulate a testimonial trust or make any special nomination? If they fail to do so, will any transfer incur cgt or stamp duty?
Thanks
hi IP
The parents could leave the asset to the discretionary trust. Not sure about hte SMSF though.
But, it may be better to change the will to a testamentary discretionary trust for the added tax benefits s102AG – but these would probably acrue to the intervivos testamentary trust too, but it would be a hassle to keep the income separate. s102AG allows children to receive income from a will or estate and get adult tax rates.
Watch out for land tax/CGT if the property is going to be a main residence and going into a Testy trust.
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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