Trust and purchase of property

[Nominees]

Hi,

I was wondering whether I have done the right thing or not. Could someone please comment on my situation.

I set up a company to be trustee for a hybrid trust.

I also purchased a block of land AFTER I had established the trustee company BUT BEFORE I established the trust.

So I purchased the block in the company name, having every intention of putting it in the trust once the trust was formed.

Is it too late to do this or can I still do it. The thing that is worrying me is that the settlement date on the contract (20/03/2003) is cleary before the trust creation date (01/04/2003).

I purchased the block with my own money, and I am thinking of issuing some units to myself now.

Any thoughts on this would be much appreciated.
Thanks,

Nominees

 

[NickM]

A trust can be created verbally at law.

If you always intended to put the property in the trust, then you should ensure you have the documentation to back you up in case of an audit.

There is no guarantee that the ATO would let you off, however i would prepare a stat dec to support your assertion as a minimum

NickM

 

[Nominees]

Hi Nick,

Thanks for the reply! Shouldn't have a problem proving this.

Nominees