NSW Land Tax Unit Trust

I am keen to listen more ppl experience on this topic.

 

what do you want to know?

 

I do know how its done and wont share my knowledge of the issue its way to much of a risk if its not done correctly. Its very technical. I have an issue in that it would constitute legal advice and I am not a lawyer. Chris Batten isnt a lawyer either.

 

Hi Paul,

Can you recommend a lawyer who can assist in this?

Cheers,

Michael

 

Its generally not a resettlement where the beneficiaries do not change and the purpose of the change is to effect the fixed trust provisions. CGT is triggered however a CGT event occurs. Duty is not as no change in legal owner occurs. The recommended approach is to ensure the DRAFT changes are accepted by OSR prior to amending the deed.

Back in 2005 when the Discretionary v Fixed trust issue came up OSR allowed a change. This is still available. Its nothing magical and new.

The best place to start is the legal adviser who settled the trust. In many cases they have a template for various versions of deed. Just take care that the deed adviser is a law firm.

Whose deed is it ?

 

Why do you think it is so complicated? Who did you talk to? What makes it complicated and risky in your situation specifically?

Thanks

 

Of course is complicated! Trust law, stamp duty law, tax law all interacting.

BTW, why did you set up with a discretionary trust to begin with?

 

Are you asking me or the OP?

I don't see how that is relevant, I provided the information on my own thread.

Thanks

 

Sorry I was asking you. Lets continue this over on the other thread at Land Tax on Discretionary Trust

I didn't notice you listing the reasons you set up a trust. That is relevant for the discussion though.