Nathan a trust needs a trustee, I always go company as trustee but this will depend on your circumstances and what your trying to achieve, I assume the name title is an individual so do a company search and see if thats available, but I would not use my name in a company…..i.e not full name.
Cheers Ivan
Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
http://redwoodadvisory.com.au
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Hi IvanCan I use my personal name(i.e. as individual) as trustee for the time being while I get a company set up and then switch trustees later from my personal name to that of my newly formed company?CheersNathan
Get some legal advice.
A trustee possibly can be changed, but the consequences need to be considered such as:
– Who has the power to change
– control
– stamp duty
– changing titles
– reapplying for loans
– serviceability down the track
– change of company and stamp duty down the track.
– costTerryw | 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
Hi IvanCan I use my personal name(i.e. as individual) as trustee for the time being while I get a company set up and then switch trustees later from my personal name to that of my newly formed company?CheersNathan
Yes but the specifics/provisions to do so should be set out in the Deed, it could also be a big administrative hassle as all assets will need to be re-registered in the name of the new trustee, it would be highly recommended to have the company already set up as trustee before undertaking any activity
Maybe worth a listen here for people who are still learning
http://www.thepropertycouch.com.au/ep-48-trust-capital-gains-tax-frank-azzopardi/
the property couch podcasts are generally good – but not this one. Best to avoid it.
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
Haha sorry Terry!
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