Transfer ownership to trust

I have 2 properties, one living in and one is an investment and both properties are joint, me and wife , ownerships. Recently hit by a hefty land tax bill so wondering is it sensible to create and transfer one property into a trust? Or any better smarter way of doing it?
Cheers

 

If Nsw property, do family trusts get a land tax threshold?

stamp duty. Capital gains tax.

still worthwhile?

 

So you would pay even more land tax? (if in NSW, VIC or QLD).
Huge stamp duty would apply as well as CGT and loan exit and entry fees.

where is the land and what is its value?

 

Only the IP should be subject to land tax. And in NSW the threshold (unimpoved land) is $755k. This may reflect the choice to buy premium value property as one all-in and future land tax may continue to occur. There is no duty exemption to fix a 50/50 property. And as others rightly indicate then CGT and other costs make it largely unviable ....Changing ownership will not change the land tax issue however. For a trust it will add $12K.

 

Thx all the advice.

If I live in the first one (eg Jan - Nov) and move to the other property (from Dec) should I claim the exception on the first one?

 

Land Tax?
Generally you would not get that choice

 

1. Firstly actual residency at 31 December is required and
2. The 6 month rule may need to be met. Breach that and both may be taxable.

You cant choose just because of ownership. The exemption is Schedule 1A applies to a principal place of residence. The operative words are
Principal
Residence

 

Thank for all of your advice!!