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Transfer ownership from trust to individual

Discussion in 'Accounting & Tax' started by ryau86, 4th Apr, 2016.

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  1. ryau86

    ryau86 Member

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    16th Sep, 2015
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    Sydney
    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.
     
  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.
     
  3. Terry_w

    Terry_w Solicitor, Finance Broker, CTA 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
     
  4. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

    Joined:
    18th Jun, 2015
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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.