Transfer of Title to trust - Off the plan

Viewing 9 posts - 1 through 9 (of 9 total)

Peng
Participant
@digiroad
Join Date: 2015
Post Count: 4
October 21, 2015 - 9:42 pm
Hi, I purchased an off the plan prop last year and the stamp duty is due in February 2016. My wife and I are on the title of the contract. We are now considering transferring the title to a family trust as the off the plan prop will be our IP. My questions are
1. what is the process to get this done?
2. Will any costs be involved and What’s the best way to minimise costs?
3. Will any extra stamp duty incur?
Thanks in advance!
Peng
Steve
Participant
@steve70
Join Date: 2015
Post Count: 10
October 22, 2015 - 2:24 pm
Hi Peng,
Please confirm if the property has settled?
Steve
Email Me
The devil is in the detail, always ask why?
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
October 22, 2015 - 4:30 pm
What state?
Seek legal advice as generally stamp duty payable again as it could be considered a subsale. In VIC perhaps not.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Peng
Participant
@digiroad
Join Date: 2015
Post Count: 4
October 27, 2015 - 8:55 am
The property is in NSW and will be settled in late 2016.
Thanks Steve and Terryw for reply!
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
October 27, 2015 - 8:59 am
Definitely get legal advice. Sounds like you may be up for duty again. Is it really worth it?
What benefits will the trust provide over individual ownership?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
October 27, 2015 - 9:15 am
What about the land tax in NSW!!
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Peng
Participant
@digiroad
Join Date: 2015
Post Count: 4
October 28, 2015 - 11:22 am
Jamie Moore wrote:
Definitely get legal advice. Sounds like you may be up for duty again. Is it really worth it?
What benefits will the trust provide over individual ownership?
Cheers
Jamie
Hi Jamie, The reason to transfer to trust is that we consider establishing our investment portfolio as we have another off the plan prop to be settled in mid 2017. We did not thought through that well before the contract was exchanged last year. The stamp duty will be due for payment in January 2016. Is the duty payable again if the transfer is made before January 2016?
thanks,
Peng
Peng
Participant
@digiroad
Join Date: 2015
Post Count: 4
October 28, 2015 - 11:28 am
Terryw wrote:
What about the land tax in NSW!!
Hi Terryw, That is the area I am confused. Is the land tax threshold applied to off the plan property? What if the property transferred to a unit trust?
thanks,
Peng
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
October 28, 2015 - 11:57 am
Peng wrote:
Terryw wrote:
What about the land tax in NSW!!
Hi Terryw, That is the area I am confused. Is the land tax threshold applied to off the plan property? What if the property transferred to a unit trust?
thanks,Peng
Trusts get no threshold in NSW
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au