I would like to sign a contract to purchase a house in Queensland today, but my trust will not be ready until mid next week. Can I use “John Smith as nominee” then substitute my trust name before settlement without incurring a second set of stamp duty fees?
Sorry, am unfamiliar with this.
Hi PGB no regetfully you cannot.
A Trust would normally only take 24 hours to be set up.
Richard Taylor | Australia's leading private lender
Richard
Thanks for that, the trust is ready but I am using a company as trustee and that is the slow down. I will just have hold off on signing a contract.
Cheers
pgbPGB yes hate to say you will.
In saying this again the Company only takes 24 hours to set up and be registered.
Richard Taylor | Australia's leading private lender
Richard
It was an old trading company I had and have to amend constitution to become a trustee company. I will wait.thanks again
pgbIf the company is in existance it may be possible, but a guess the constitution probihits acting as trustee? For the cost of a company, $400, I would be setting up a new one anyway – that way no problems from the past can arise.
A trust can be set up in a few minutes too. You have a few weeks to pay the stamp duty.
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
I am with Terry i am not sure i would want to use an old trading company as the Trustee of Trust that i was intending to buy property assets in.
Richard Taylor | Australia's leading private lender
I am with Terry i am not sure i would want to use an old trading company as the Trustee of Trust that i was intending to buy property assets in.
Richard Taylor | Australia's leading private lender
I am with Terry i am not sure i would want to use an old trading company as the Trustee of Trust that i was intending to buy property assets in.
Richard Taylor | Australia's leading private lender
Sorry for the delay in response. I was away form the computer looking at properties. I take your advice on old companies, I have a little experience and I know that the company has never traded and have replaced the Mem & Articles with a new Constitution at a total cost of $180.00. The advice you gave was wise, I delayed signing and found a better property today
regards
pgbI exchanged recently on a few in QLD and added special condition along with finance that I have the right to change purchase details before settlement. Check with your solicitor however.
I exchanged recently on a few in QLD and added special condition along with finance that I have the right to change purchase details before settlement. Check with your solicitor however.
Nathan
Thanks for that info, sounds very useful, I will meet with my solicitor to discuss
regards
pgbNathan_b wrote:I exchanged recently on a few in QLD and added special condition along with finance that I have the right to change purchase details before settlement. Check with your solicitor however.The vendor may allow this without too much drama, but please be careful in doing it as you may be assessed on stamp duty twice. You may also have problems if you set up an entity after the original contract was signed too – ie the entity wasn't in existance when the contract was entered into.
BEst to check with a solicitor before doing anything like this.
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
Terry
I was aware that if the entity was created after the contract date that I would have a problem, but it was the stamp duty double up that I was trying to avoid. I will ask my solicitor
thanks
pgbThe OSR may consider it an onsale to the nominee, I head that WA is very strict on this, but each State differs – which makes it hard to keep up with things. Let us know what your lawyer says.
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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