What is the Stamp Duty when transferring to Trust?

[msapples]

Hi guys,

I am interested in setting up a Discretionary Trust (Family Trust) to hold my investment property. This property is currently in my name, but I would like to transfer it to my Trust (so that the trust owns it instead).

What would be the stamp duty (or other transfer costs) I have to pay for this change-of-title transaction? If you could provide a link to a government website that would be excellent also.

In addition to that, would the same apply if I were transferring stocks (shares, options...etc) from my name to the trust? Would I have to pay a stamp duty or any title-transfer costs for that too?

(Sorry if this has been repeated before, I searched but couldn't find the information. So if you know anything it would be greatly appreciated!).


Many thanks!

 

[Propertunity]

You will need to 'sell' it to your Trust so you may have to pay CGT unless it is your PPOR (unlikely as you said it was an IP).

Your Trust will need to pay stamp duty on the sale price or the market value, whichever is the higher.

http://www.sro.vic.gov.au/SRO/SROCalcs.nsf/transfer?OpenForm

 

[msapples]

Thanks heaps. The info is helpful!

 

[bcoombs]

Yes isn't that pathetic !! The government are worse than nazi extortionists !

 

[Cian]

Is this worth doing?

I have a trust and building a house in my name. Further down the line I was thinking of transferring it over but not sure if its worth the cost.

 

[Propertunity]

Is this worth doing?

I have a trust and building a house in my name. Further down the line I was thinking of transferring it over but not sure if its worth the cost.

The answer Cain, is it depends on what you are trying to achieve with a trust.

Long story short, the jury is still out. You can read the many 1,000's of psts both for and against by doing a search in the forums here on trust, trusts, HDT, hybrid trusts. Make yourself a cuppa or grab a bottle of something, you'll be in for a long night

 

[redwing]

You will need to 'sell' it to your Trust so you may have to pay CGT unless it is your PPOR (unlikely as you said it was an IP).

Your Trust will need to pay stamp duty on the sale price or the market value, whichever is the higher.

http://www.sro.vic.gov.au/SRO/SROCalcs.nsf/transfer?OpenForm

Assuming the IP has a loan on it also, what is the process involved in the sale to the trust?