I have a property in my personal name which generates income.
Im looking at transferring it to a discretionary trust for the purposes of income splitting and capital streaming (when the property is eventually sold).
My question is this. If I establish the trust with myself as the trustee and then notionally transfer the property to the trust, do I still have to pay stamp duty and CGT even though there will be no transfer of legal title?
Alternatively, is there a way I can have documents in place (eg acknowledgement of trust, declaration of trust) to show that when the property was purchased, it was purchased by myself as trustee.
Im looking at transferring it to a discretionary trust for the purposes of income splitting and capital streaming (when the property is eventually sold).
My question is this. If I establish the trust with myself as the trustee and then notionally transfer the property to the trust, do I still have to pay stamp duty and CGT even though there will be no transfer of legal title?
Alternatively, is there a way I can have documents in place (eg acknowledgement of trust, declaration of trust) to show that when the property was purchased, it was purchased by myself as trustee.
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