Hi
Bit of background info:
I've spoken with a property accountant and worked out that we are going to set up a unit trust with my husband and I as beneficiaries. We are going to buy, Reno and rent out property with the occasional flip.
We currently have our ppor in nsw and are in the midst of building a new property on the rear of block ( subdivision happens once build is complete) we were planning to turn these both into ip
my questions are these:
Is stamp duty payable on transfer of ppor to unit trust?
If so, if transfer was done before subdivision is issued would the transfer then only attract 1 stamp duty charge?
Or can we transfer the newly created block / new build into trust at time of
subdivision without attracting stamp duty?
Then rent new build out as ip and keep ppor for time being?
I was also advised by the accountant that by "flipping" in a trust structure does not attract capital gains as it is income generating activity? Is this correct?
Many thanks
Bit of background info:
I've spoken with a property accountant and worked out that we are going to set up a unit trust with my husband and I as beneficiaries. We are going to buy, Reno and rent out property with the occasional flip.
We currently have our ppor in nsw and are in the midst of building a new property on the rear of block ( subdivision happens once build is complete) we were planning to turn these both into ip
my questions are these:
Is stamp duty payable on transfer of ppor to unit trust?
If so, if transfer was done before subdivision is issued would the transfer then only attract 1 stamp duty charge?
Or can we transfer the newly created block / new build into trust at time of
subdivision without attracting stamp duty?
Then rent new build out as ip and keep ppor for time being?
I was also advised by the accountant that by "flipping" in a trust structure does not attract capital gains as it is income generating activity? Is this correct?
Many thanks