Transfer from peronal name to Trust

Hi,

I have a question.

If someone has a property under his personal name and he has discretionary trust.

This discretionary he is the sole beneficiary and trustee.

Will he need to pay for stamp duty for the transfer ?

 

Yes.

There would be no transfer though as the transfer or and transferree is the same person. This would be a declaration of trust.

And he couldn't be sole trustee and sole beneficiary as there would be no trust in such a situation.

Don't forget cgt and asset protection implications too.

 

And don't forget the mortgagee permission would be needed

 

If a person creates a bare trust in wa so the legal ownership changes but beneficial ownership does not change then their is no stamp duty.

So we are not talking a discretionary trust. The only way to stop the stamp duty is when the trust relationship is as bare trust.

The only time I have done that is when somebody is seeking privacy.

I had a bunch of blokes trying a bare trust arrangement with “latent discretionary powers” but they did not work.

 

Same in Nsw and Vic and probably most states