All Topics / Legal & Accounting / Qld Stamp duty act

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  • Profile photo of htschillinghtschilling
    Member
    @htschilling
    Join Date: 2012
    Post Count: 3

    Hi all,

    I am hoping to gain some advice from someone (or point me in the direction who might) with an understanding of qld state law in regards to trusts and the stamp duty act that applies to them!? 

    My situation is, my partner and I have a discretionary trust which was established in WA, my partner and I are the current trustees for the trust but are looking to make some amendments to the trust, the main one being removing us as individual trustees and incorporating a company trustee. We have two property's within this trust that are in Queensland!

    My question is, will stamp duty be applied on the property's if there is a change in trustee??

    I understand that there is not a simple answer to this question, as there is a lot of variables from one trust deed to another.

    It is my accountants understanding that there will not be any further stamp duty applied, but a second opinion from a legal perspective is a necessity before any changes are made!!

    Any feedback would be greatly appreciated.

    Regards

    Hayden

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    The answer will be in the Duties Act QLD.

    If NSW stamp duty could be payable if changing the trustee results in the beneficiaries of the trust changing. You should find the relevant section and also read your deed and see how it is worded in this regard.

    You could also try wrting to the OSR and attaching a copy of your deed and see what they say.

    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

    Profile photo of RPIRPI
    Participant
    @rpi
    Join Date: 2012
    Post Count: 308

    Hi

    Are you making any other changes to the trust?

    The change of trustee in itself does not constitute a dutiable transaction, s 117 Duties Act

    RPI | Certus Legal Group / PRO Town Planners
    http://www.certuslegal.com.au
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    Property Lawyer & Town Planner

    Profile photo of htschillinghtschilling
    Member
    @htschilling
    Join Date: 2012
    Post Count: 3

    Thanks for the feedback guys, quite helpful information, I will look into it further with the information provided.

    Thanks once again

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