Hi all, Is it possible to have a property held in a trust to be deemed PPR (you are living in it) and be entitled to land tax and GCT exemptions.
My advice is to speak to an estate planning solicitor. Trusts have certain pros and cons which you can research on the net
Revenue Ruling No. LT 082 Version 5 | Revenue NSW The Principal Place of Residence Exemption Schedule 1A Clauses 1-14 and Sections 9C & 9D Land Tax Management Act 1956 Companies and trustees not exempt – clause 11 If the land is owned by a company or trustee of a special trust or if a company or special trust is a joint owner, the land will not be entitled to the PPR exemption under Schedule 1A unless one of the following exceptions is satisfied: the company is a “trustee company” as defined in the Trustee Companies Act 1964, or is the NSW Trustee and Guardian; or So am I correct to assume a fixed unit trust (with corporate trustee) would satisfy the requirements for exemption further providing land tax and CGT concessions.
No. I think there is a ruling by the osr saying where the trustee is an individual it is a available but not where corporate trust. Allowable for a life interest holder in a testament discretionary trust.
No. OSR are saying that if Trustee Executors ABC Pty Ltd (EXAMPLE) who is a registered trustee company authorised under state law they will grant a concession. This is typically a disability trust with a trustee custodian. It has nothing to do with a disc, hybrid or unit trust
If the trust is a disability trust: then for CGT the main residence can apply to the trust s118-218 Their is also a WA land tax exemption for disabled persons. You can also have an trustee of a deceased estate own a home for more than two years and still enjoy exemption.
