Vic - transfer property from trust to beneficiary, no stamp duty payable?

I was just flicking through the Duties Act 2000 and I noticed S.36, which (to my reading) states that no stamp duty is payable when a property is transferred from a trust to one of the beneficiaries of that trust.

Have I read this right? Many people are familiar with the ability in Victoria to transfer between husband and wife without paying stamp duty, but I've never heard of a trust-to-beneficiary exemption from stamp duty before?

I can't think of any specific benefits of this off the top of my head, particularly if it's a discretionary trust, but perhaps it's useful to some people.

Cheers
Jonathon
 
Hi, yes, a few conditions upon transfer but duty may be exempt in such cases.

The benefit may not become apparent until the trust vests and the property is passed to the beneficiaries. Or perhaps for those who decide to unwind their trust early.
 
confused, is this still current and can't I do the following

Hi,

Does this mean if I transfer my investment property (not currently in a trust fund but in my name), into a new trust fund (say a discretionary trust) and not pay stamp duty?

Thanks.
 
Well firstly the above are referring to Victorian stamp duty, WA duty is an entirely different matter, and secondly I'd hazard a guess that in WA you'd definitely have to pay the duty, as you would in Vic.
 
Thanks Jonathon, I realise the thread was referring to Victoria, I have property in Melbourne.

I am trying to find out if your info was current and if stamp duty and land tax are the same thing when transferring property title.

I have looked at the SOR website for Victoria but it's confusing, so I'm going to ring them up and ask.
 
Thanks Jonathon, I realise the thread was referring to Victoria, I have property in Melbourne.

I am trying to find out if your info was current and if stamp duty and land tax are the same thing when transferring property title.

I have looked at the SOR website for Victoria but it's confusing, so I'm going to ring them up and ask.

Just check the legislation above to see if it is current.
Stamp duty and land tax are totally separate - different Acts, diff Govt departments and different treatment.
 
Top