Assignee clause in Qld

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

Into_property
Participant
@into_property
Join Date: 2012
Post Count: 11
October 25, 2012 - 3:56 am
Hi,
I'm looking at purchasing a new IP but am just waiting on our trust to come through and was wondering if I put a contract down today for example would I be able to use the 'or assignee' clause or does this constitute a double stamp duty charge? Looking for someone who has done this in Qld before with some advice.
Thanks
Jason
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
October 25, 2012 - 11:03 am
Seek legal advice. Probably would be treated as a transfer so double duty.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
October 25, 2012 - 12:18 pm
Yes would definately be looking at double Stamp Duty.
It is a question we get asked regularly.
In saying that it takes 24 hours to have your Trust Deed registered and set up so i wouldn't have thought it was an issue.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
October 25, 2012 - 12:36 pm
Is there any stamping of the deeds in QLD? In NSW deeds can be stamped up to 30 days after execution, so you could set up a trust in an hour or so.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Into_property
Participant
@into_property
Join Date: 2012
Post Count: 11
October 25, 2012 - 9:58 pm
Thanks Richard, just wanted to check, yes the trust deed won't take too long we are tidying up a few loose ends at the same time. Does it make any difference if the assignee/nominee's names are declared on the initial contract?
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
October 25, 2012 - 11:14 pm
If the nominee isn't in existence at the time of the contract then it may be a problem.
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
Into_property
Participant
@into_property
Join Date: 2012
Post Count: 11
October 25, 2012 - 11:19 pm
Hi Terry – so just for future reference in case I have a need for this, if they do exist at time of signing and are mentioned does that avoid the double stamp duty?
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
October 25, 2012 - 11:22 pm
I don't know the law in QLD, but possibly. I would never recomend a client do this though. Don't exchange until set up would be my recomendation.
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
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
October 26, 2012 - 7:19 am
No Stamping of Trust Deeds in Qld.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender