Land Tax in Brisbane

Discussion in 'The Buying & Selling Process' started by Subodh Shirodkar, 23rd Jun, 2015.

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  1. FirstTimeBuyer

    FirstTimeBuyer Well-Known Member

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    Is it worth considering setting up a trust for a ~500k IP purchase in Brisbane for a buy & hold strategy? Initially I thought I'd put it under my name or jointly with my wife.
     
    FirstTimeBuyer, 26th Jun, 2015
    #21
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    certainly worth considering. Land tax is not the only thing to consider either.
     
    Last edited: 26th Jun, 2015
    Terry_w, 26th Jun, 2015
    #22
  3. RPI

    RPI SDA Provider, Town Planner, Former Property Lawyer

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    We don't stamp trust deeds in QLD at all.

    PS Terry, our prices are exactly the same.
     
    RPI, 26th Jun, 2015
    #23
  4. trinity168

    trinity168 Well-Known Member

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    Hi Terry,

    If that is the initial setup, what would be the ongoing costs of maintaining the trust?

    Thanks!
     
    trinity168, 1st Jul, 2015
    #24
  5. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    $nil to $XXX

    It depends on the set up and what the trust owns. The only recurring fees would be ASIC annual fee of $250ish if there is a company as trustee and a tax return - which might be $400ish for a simple trust.
     
    Terry_w, 1st Jul, 2015
    #25
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  6. trinity168

    trinity168 Well-Known Member

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    Additional question. Trusts can be setup by a solicitor? Which can be interstate? E.g. Solicitor in NSW, setup a trust for us for a purchase in QLD.

    Thanks!
     
    trinity168, 1st Jul, 2015
    #26
  7. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Yes, only solicitors can set up trusts because it involves legal advice. Solicitor could be anywhere.
     
    Terry_w, 1st Jul, 2015
    #27
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  8. trinity168

    trinity168 Well-Known Member

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    Thanks Terry!
    :cool:
     
    trinity168, 1st Jul, 2015
    #28
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