No mortgage stamp duty

[Chilli]

Hi,
Went to see a lawyer yesterday and learnt :

1./ by 2008 there will be no more mortgage stamp duty. This will make gifting to trust (for asset protection purpose) a lot cheaper...

2./ I contacted State Revenue asking if "transfer stamp duty is to be paid when cloning a trust and move properties from old to cloned trust". They told me YES and I left it as that,
but lawyer said it is still grey, there are a few appeals to be resolved and he hoped the outcome would be no stamp duty.

I am in Bris so don't know how it works in other states ? I know WA is OK with point 2 above.

 

[Bullseye]

I thought that when you cloned a trust there was no duty payable as there had not been a change in ownership. Is that not correct? Can anyone enlighten me?

 

[Chilli]

Bullseye,
You can to State Revenue website and send them an email enquiring about it.
If you do, pls let me know the answer you get fr them. Ta

 

[Mry]

I had a client ask about stamp duty when cloning a trust and the answer is it is payable.

If some brave soul with deep pockets can take them to court about it, I'd love it but until then I'm advising that stamp duty is payable upon cloning.