Looking for some advice on applicable stamp duty on transfering some property from my individual name to a Trust. I am also sole trustee of trust.
I own the land in my own name and a house is about 50% constructed. The IP is located in Townsville QLD.
If I wanted to transfer the IP to a trust ,would the stamp duty be on
current land value only ( puchased Oct 03 for $57k but probably current value $85k) or :
final cost of house & land ( $215K when finished ) or:
current value of land plus 50% of house construction costs ( ~$164k)
Also would the transfer need to involve the bank providing me with finance . The loan is in my name only.
Thanks
I own the land in my own name and a house is about 50% constructed. The IP is located in Townsville QLD.
If I wanted to transfer the IP to a trust ,would the stamp duty be on
current land value only ( puchased Oct 03 for $57k but probably current value $85k) or :
final cost of house & land ( $215K when finished ) or:
current value of land plus 50% of house construction costs ( ~$164k)
Also would the transfer need to involve the bank providing me with finance . The loan is in my name only.
Thanks
