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Along with 3 other family members we established a unit

Along with 3 other...

Along with 3 other family members we established a unit trust to buy a property. The structure has the 3 beneficiaries with the partners as trustees. Unfortunately this structure does not suit our goals. we are about to purchase another property however this time with all 3 couples as beneficiaries. As such we want to bring the property already owned into a new trust structure to streamline admin - is this possible? or is it just the case that we only have to change the Trustee?

Lawyer's Assistant: Since estate law varies from place to place, can you tell me what state this is in?

Qld

Lawyer's Assistant: Has anything been filed or reported?

Mortgages have been approved for the purchase of the new property. The loan is going to be held by a shelf Co, which has been established For the property already owned is in a unit trust and a loan was established in 2014.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Not really Not Really

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Answered in 5 minutes by:

9/1/2017

Solicitor: Leon, Solicitor replied 5 years ago

Leon, Solicitor

Category: Australia Law

Satisfied Customers: 52,728

Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)

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Hi, I am Leon, a NSW Solicitor. I will be assisting you with your question. If you choose a telephone call, you will be charged an additional fee.

Solicitor: Leon, Solicitor replied 5 years ago

Good Morning

You will be facing stamp duty and capital gains tax issues with the transfer to another trust.

The new one can be purchased in a new entity this is not an issue but the first if it is transferred out of of the unit trust it will be deemed a sale. The value is at todays value and the tax and stamp duty paid on that.

I hope this makes sense and is of assistance. If you wish a phone call please elect for one but be aware it will be an additional fee. If there is nothing further thank you for using my services.

If I have missed anything, or you have any further questions please let me know

If there is anything else in the future please do not hesitate to ask.

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Regards
Leon

Customer reply replied 5 years ago

Cant we just replace the Trustee so the same trustee oversees the two properties. Also the sale or transfer would be intra- family could w get an exemption? or could we do the following. The new purchase has been made by a shelf co ( the holding entity)- we intend to form a partnership with the the beneficiaries being discretionary trusts held by each couple. As such could we also bring the the older unit trust in to that partnership?

Solicitor: Leon, Solicitor replied 5 years ago

Good Morning

Changing the trustee is ok and it is not a change of ownership and it does not change the trust structure.

If they receive it from the trust in the shares they own it under the rust it may not be liable but you have to look at whether the trustee has the power to do that.

I suggest you get advise form an accountant on this. I cannot say if it is a good idea or not and what your options are.

If each beneficiary has there own trust holding their share of the property and they are the sole beneficiaries I cannot see the point.

But you need to get detailed advise form an accountant about how this will work and the implications on you all for land tax etc.

Leon, Solicitor

Category: Australia Law

Satisfied Customers: 52,728

Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)

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