I would be willing to do this in exchange for an upfront brokerage fee. However the administrative burden of transferring the trail each month to the client's account would be high, so my upfront fee would need to be higher.

Wouldn't it make much sense if all the stamp duty and land tax laws across australia were unified. It wastes so much time having to consider the different laws in each state like this!

You seem to misunderstand trusts. Not as simple as you think maybe.

I know nothing of your situation so can’t answer.

If you are only going to be there short term you may still be able to take advantage of your main residence absence provisions (s118-145) to keep it tax free after you move out for up to 6 years.

Did you meet the lawyer or speak to that set up the trust? It would probably be valid, but is it effective? What about the asset protection issues with default beneficiaries? You may be approaching the stage of having a properietary interest in the trust the way it is structured.

That ruling is from 1985. There has been a whole new tax act enacted since then ITAA 1997. I suggest that it could be possible to rent from a trust you control and have the trust claim the deductions – you need to seek specific tax advice on the situation.

Have you appointed the successor appointor? What happens if you don't? I have seen cases where the public trustee becomes appoiintor of a family trust.

Couple of points:

– Why are you considering the trust for this property? i.e what are you trying to achieve?

– You seem to be getting advice from a conveyancer on the assignment to the trust – what are the legal implications of this? You have signed in your name and are supplying the deposit….

– How is your trust structured?

– What are the succession issues?

– What happens if you lose capacity?

– land tax issues?

– If you pay the trust rent but the trust not claim any deductions (why do you think you cannot do this?) then the trust will have income and you will end up paying tax on the rent you pay to your trust.

– Any stamp duty implications on changing names before settlement? (which state?)

BTW, You can't be only beneficiary of the trust – or it wouldn't be a discretionary trust. You may be the only named beneficiary? You can also not have a trust with one person being the trustee and the sole beneficiary – there would be no trust. A trust is where B owns property for C.

Keep detailed ;omg term records of every thing as you won't be able to claim the main residence CGT exemption in full, ever.

Hi Plummer,

This is a good point. Years ago I used to do my own rate returns and work it all out for myself and then give it over to the tax agent for processing. He always found things I have missed and this usually was enough to pay for the return. Doing it myself and reading the tax packs was the best way of learning.

Unless the buyer is handing over the payment price at settlement the seller will not have the cash needed to buy the new one (unless from other sources). Same with you selling on installment contract.

Interesting question.

I don't know the definitive answer but would suspect it would not be classed as your main residence while you are absent. So this may effect your pension. Once you move back in you may be able to count it as a main residence agian.