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in NSW the unit holders are considered the owners of the property for land tax purposes (for qualifying fixed trusts). Transfer of units in NSW results in 0.6% stamp duty, but a way around this would be to redeem and reissue. Both would be a CGT event.

Impossible to say without doing an analysis of all the issues. A discretionary trust wil mean land tax. This may be an issue for most, but if you alread each or jointly own other properties you may be paying land tax anyway. Land tax is just one out of about 10 issues to consider.