Transfer ownership from trust to individual

Discussion in 'Accounting & Tax' started by hello1234, 4th Apr, 2016.

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  1. hello1234

    hello1234 Member

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    Dear All,

    What are the best options (in terms of costs/taxes & ease) to move a property owned by my unit trust to my personal name?

    Thank you.
     
    hello1234, 4th Apr, 2016
    #1
  2. Scott No Mates

    Scott No Mates Well-Known Member

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    Get a valuation. Pay Stamp Duty on market value, cgt, reimburse trust.
     
    Scott No Mates, 4th Apr, 2016
    #2
  3. Terry_w

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

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    first seek legal advice, perhaps it could be done with minimal stamp duty in some states. Seek advice on CGT.

    Then get the loan approved
    Then transfer title
     
    Terry_w, 4th Apr, 2016
    #3
  4. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    If its in NSW its also possible to not incur any duty if its under $2m market value.;)

    Getting that change made while under a mortgage would require the bank to approve it. If so you should seek specific legal advice from THEIR lawyers as they will decide if it is allowed. It wont be a easy task without that approval.

    Question is Why ? Refinance principles been overlooked ? Need to consider who unitholders are too.
     
    Paul@PAS, 5th Apr, 2016
    #4
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