Moving costs/TRUST

[beech]

Interested in setting up trust soon and wondering what the costs involved in moving 1 ip & and 1 block of land(ppor to be)into that trust once set up?


thanks Darren

 

[DaleGG]

HI Darren

You would have stamp duty again on each property and CGT on the difference between the cost to you originally, and, the current market value.

Ouch!

Dale

 

[beech]

hi Dale still better to do it before i develop the properties i suppose.
only just settled block of land and the ip site to be developed for 2 units will be cheaper to do now than later obviously.
You always say start with the end in mind,so bite the bullet now.
Does it take long to set up Dale?And around $1000 to set up i think i read once before?


thanks Dale





Darren

 

[DaleGG]

Originally posted by beech
hi Dale still better to do it before i develop the properties i suppose.
only just settled block of land and the ip site to be developed for 2 units will be cheaper to do now than later obviously.
You always say start with the end in mind,so bite the bullet now.
Does it take long to set up Dale?And around $1000 to set up i think i read once before?

Hiya Darren

Yes, it would be better to do it before development.

A trust takes abt 2 to 3 days to establish. It then takes anywhere up to another 4 to 6 weeks to have the deeds signed, stamped at the stamp duty office, and for the TFN & ABN to come back from the tax office.

Once the deeds are signed, you should be able to make a start though.

Have fun

Dale