Stamp Duty on Change of Trustee

[Mark C]

I have asked a couple of accountants and lawyers this question without a definitive answer and I'm trying not to add another professional to my pay roll.

Dose anyone here know if there is a stamp duty trigger when changing the Corporate Trustee of a Unit Trust that owns property? The property is owned in WA and was purchased in 2005.

I plan on using another Corporate entity as Trustee but if stamp duty is triggered then I may change my mind.

Mark

 

[Ausprop]

I don't think it triggers it, but searchthe website. Any mortgages tho will more than likely need to be completely reassessed by the lender - including revals of the property, loan applicationby the new trustee etc. I see this a s the biggest problem

 

[coastymike]

A change of trustee will generally not trigger a stamp duty event but the wording of the resolution is EXTREMELY important. If the wording does not include some pertinent clauses then stamp duty will be payable.

 

[Terryw]

You may want to look at the Stamp Act
http://www.austlii.edu.au/au/legis/wa/consol_act/sa192185/