Hello All,
I have a question that I'm wondering about on a trust with trustee company senario.
As an example a setup would be MyCompany Pty Ltd as trustee for MyTrust.
When you purchase a property, you would purchase it with the name of MyCompany Pty Ltd on the title as the trust isn't a real entity.
When invoking the protection of a trust and say you want to sack the trustee company and appoint a new company to hold assets, then what happens to the title as it has the company name on it? Do you transfer it and does stamp duty apply?
Anthony
yes, the trustee is the legal of the trust assets so all legal titles have to be changed. new loans will need to be applied for too.
there are stamp du issues and full stamp duty could apply depending on the deed. eg in nsw if changing the trustee means a change in beneficiaries then it could apply.
you also need to look at the deed and find out who has the power to sack the trustee.
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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