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Trust for conducting business?
Hi 🙂
I am wanting to put my home into a trust. Can I also have my business operating in the trust or do I need to make a foundation? Thanks in advanced.
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11 Replies
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You might find your answer here.
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Thanks, great read.
I wonder if you know about stamp duty. If I got to pay stamp duty for my house that settles on 20th dec. if I will come up to this issue that was in your shared document? Thanks, appreciate your help. Have you put your home into a trust?
” Q..State reckoned they won’t accept the PN for payment of stamp duty won’t transfer title.
A..Yes that’s the tricky bit because at the end of the day they control the window, if they don’t get what they want then they just simply won’t transfer title. Use the line of least resistance. If it’s a couple of hundred thousand in stamp duty it might be worthwhile pursuing a legal case but that incurs costs too so you’ve got to weigh things up.”
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Q…Do I pay stamp duty when transferring a property into a Trust?
A…Yes you do.Technically you don’t have to but the office of State Revenue will not allow the transfer to go through unless you pay it, so you have got to pick your battles. Any how ask them if there for a list of exemptions for stamp duty when you transfer Title from your name into a Trust for your state or country. You don’t need to mention it is unregistered because the same rules apply to them for exemptions.
Q…Is there any way of avoiding stamp duty in NSW when transferring your property into a Trust?
A…Well there is if you use the Federal Legislation. I think it is called the Duties Act section 1:1 and 8. If the property is family property and the intent is to keep it in the family and you want to transfer it into a Trust that gives an exemption.
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oh thanks, I wasn’t asking about exemptions for stamp duty but that is interesting thanks!
I wonder of you know the answer to the question about if the stamp duty doesn’t accept that you are paying from a unregistered trust?
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I don’t think they will worry about where the money is coming from so long as they get paid. The only way to find out is to do it, and do it with confidence!
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🙂
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Hello Janet 🙂
I’m hoping to buy a property within the next year and wonder if my trust (yes, got one now:) ), can buy the property direct? And how would that work with stamp duty? 😇
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Hello Janet, I just read through the thread again and wonder if it is possible to sell a property to the ‘living being’ with a Bill of Sale for e.g. 1 dollar, so to avoid paying stamp duty? If that is possible, would there have to be any other paperwork with it or just the BOS to the land registry office, or an affidavit as well?🧐
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Morning e-h. As far as I know, Man the Living Being, can not been seen in the Public Realm and that is why you have the Trust to hold the property. It gets put there so we own nothing but control everything.
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That’s a very interesting question. Maybe ask Mark at the next Q and A? https://solutionsempowerment.org/event/general-qa-june-14/
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