Setting up a trust to own property

How long does it take to set up a trust for the purpose of buying an investment property?

On a purchase if you sign "and or nominee" can this nominee be a trust?

We have come across a new purchasing opportunity and are wondering if we have time to set up a trust structure.

 

could be an hour or so, best to allow more time.

It could be a trustee, but best to avoid this.

 

Thanks Terry

 

Best practice is that the trustee company and trust are already setup prior to any contract. If the purchase is inevitable then setup this all first.
Many issues can arise if the company and trusts arent setup and the nominee rules arent always going to be a safeguard. You could even be subject to dual duty if the trust is settled by the nominee clause as the dutiable value of the deed could be the property. Ouch. Transfe duty and deed duty will be the same value.

Never take shortcuts with legal principles.

 

When seeking a quote for advice and assistance with corporate trustee & trust establishment and tax advice and assistance for a commercial property purchase, what else might be important to be considered in the scope?

- legal and taxation advice including selection of the appointor, trustee, settlor and beneficiaries of family trust, succession planning
- company constitution and asic registration for corporate trustee
- trust deed
- minutes between settlor / trustees to set up the discretionary trust deed
- attending to trust settlement trustee minutes to establish trust
- consent of directors of the trustee company to act as trustees of Discretionary Trust
- apply for trust abn/tfn
- loan agreement - lend money to trust
- tax advice on commercial property acquisition (state and commonwealth taxes, e.g, income, gst, transfer duty, land tax, etc)
- first year income and cg distribution planning advice
- first year income and cg distribution resolution minutes
- first year tax return preparation and lodgement

* assume the legal advice on the sale contract and due diligance (including lease reviews and searches etc) is performed under a seperate engagement and out of scope for the purposes of this question.
*

 

Thanks for the feedback. Fortunately the property we were looking at has been snapped up by others. Due the Vic Gov's land tax we will have to go down the one IP per trust route if we purchase in the future.