- PropertySeekerParticipant@propertyseekerJoin Date: 2006Post Count: 43
I’m about to purchase a unit using my family trust. Does anyone know if the stamp duty amount is going to be same as if I bought as an individual? Or will it be more because a trust is involved.
PropertySeekerHomeBuyerLouisianaParticipant@homebuyerlouisianaJoin Date: 2020Post Count: 17
I believe that Stamp Duty is the same but you won’t get any concessions on land tax you pay. As an individual most to the states have thresholds for when you start paying land tax but as a trust you don’t get that. Probably best to chat with your accountant about your structuring before entering the transaction.
HomeBuyerLouisiana | Home Buyer Louisiana
Aussie entrepreneur investing in New Orleans houses
Best to talk to a lawyer – but no differences in duty between trustees and persons/companies.
But should you be putting the unit into trust? Possibly not.InvestJon1Participant@investjon1Join Date: 2020Post Count: 3
Family partnership is easier to set up and less costly to maintain, they are well suitable for those who had purchased investments in joint names while offering similar tax effectiveness to trusts via salaries paid from partnership.starrjackParticipant@starrjackJoin Date: 2020Post Count: 0
Best to talk with the accountant or lawyer.
probably best to speak to a lawyer as a trust is a legal device, a relationship in equity and only lawyers can give legal advice. Many can also give tax advice.