Not really. It would just say that title must be transferred.
Ah. I wasn't sure. I don't have mine yet, so I don't know what is in them.
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Not really. It would just say that title must be transferred.
Ah. I wasn't sure. I don't have mine yet, so I don't know what is in them.
Hi Perthguy,
If you want to see a trust deed I'll shoot you a 'copy' of one with borrowing powers. Extremely long, but can point you in the right direction.
Cheers, Ivan
From his post, I think Perth Guy would be of the same opinion and I also think those people contemplating using such warrants would be interested in understanding the whole picture and likely all up costs.
Spot on Roomer. I do want to know in detail what happens at the end... before I sign up! If the set up is wrong, my fund can end up paying stamp duty twice which is something I want to avoid. Your post indicates I still have more to learn!
Further to this:
"SMSF will acquire the Property from the Security Custodian
Trust
Importantly under the above arrangement the SMSF must have
a right to acquire legal ownership of the Property from the Security
Custodian Trust by making agreed installment payments
after the Property is purchased. Practically this means that under
the above arrangement the SMSF will acquire the Property
from the Security Custodian Trust through a series of agreed
installment payments which typically mean that the SMSF will
make an initial upfront payment of part of the Property Purchase
Price (eg deposit). In turn the SMSF will repay the Lender in
Installments until the asset is repaid in full. Once the Loan is
repaid the Property Title will transfer from the Security Custodian
Trustee Company to the Trustee for your SMSF. The ATO
has confirmed that no Stamp Duty of Capital Gains Tax will be
payable as a result of this transfer."
from http://esuperfund.com.au/Libraries/WebsitePDF/7_Property.sflb.ashx
That bold bit is misleading. There may be no CGT for a properly set up custodian trust arrangement.
But the ATO has no jurisdiction over stamp duty and they would not have made such a bold statement. (bold and bold?)
I know... lolIt also implies that the title will transfer itself.
"Once the Loan is repaid the Property"
Spontaneous title transfer, or STT, is a rare event!