Buying a property with family trust

Viewing 7 posts - 1 through 7 (of 7 total)

PropertySeeker
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@propertyseeker
Join Date: 2006
Post Count: 43
May 26, 2020 - 11:02 pm
Hi all,
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.
Thanks
PropertySeeker
HomeBuyerLouisiana
Participant
@homebuyerlouisiana
Join Date: 2020
Post Count: 17
May 27, 2020 - 1:28 pm
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
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Aussie entrepreneur investing in New Orleans houses
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
May 27, 2020 - 5:25 pm
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.
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
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
May 27, 2020 - 5:32 pm
Ah, but there could be a difference if ‘foreign persons’ are potential beneficiaries of the trust.
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
InvestJon1
Participant
@investjon1
Join Date: 2020
Post Count: 3
June 4, 2020 - 10:10 pm
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.
starrjack
Participant
@starrjack
Join Date: 2020
Post Count: 0
July 29, 2020 - 5:24 pm
Best to talk with the accountant or lawyer.
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
July 30, 2020 - 8:53 am
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.
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