We have a Property Investor Trust in NSW holding two IP's. We are looking at changing the Trust to a land Tax Unit Trust (Macquarie product) to gain a trust - land tax threshold. Do we need to go through out accountant in the first instance or direct to Macquarie. Thoughts
You can't just swap trust deeds. The trustee will need to seek specialist legal advice. But before that the trustee should review the deed and see if there is a power to amend. If there is who has the power - it might be the trustee and consent from the appointor could be needed (or from soneone else) Then you have to consider what the consequences of the variation will be: 1. stamp duty (if any) 2. CGT (if any) 3. Asset Protection 4. Deductibility of interest 5. Loans 6. Succession on death 7. Control etc
Take care that the Macquarie amendment comes with written legal advice. Good luck with getting any action.