Hi all,
Currently I have two IP held in an investor trust and have been told the trust can not be modified to allow NSW land tax threshold, do I just have to accept it or are there options;
– Can I move the properties out of the trust without paying CG or SDuty
– Can I live in one of the properties make it my PPR and get the threshold
– Or do I just sell and get out of NSW
Cheers
Wayne
I don't think it is possible to claim a trust owned property as your PPOR. And moving properties out of a trust will trigger stamp duty and CGT – usually. I think land tax is just another cost you cannot really avoid.
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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