Stamp duty on transfer of units in unit trust qld

The ABC Unit Trust holds land in Queensland. There are units in the trust , with unit holders each holding units. Jackson acquires units from an existing unit holder in the trust.

The XYZ Unit Trust operates a business in. Transactions involving trusts that own dutiable property may be liable for transfer duty. There are many types of trusts, including discretionary family trusts, unit trusts and superannuation funds.

You must pay transfer duty if you either: create or terminate a trust over dutiable property. Transfer Duty and issuance of units in a unit trust. Duty is levied on dutiable property transfers , and with unit trusts the property is actually the units , not the land owned by the trustee. If the units are on a register held in one state and the land in another the relevant legislation could be the state where the units are held and not the state where the land is held.

Tax Tip 139: Abolition of Duty on transfers of. Legal Tip 166: Stamp Duty on Trust formations in. What is a transfer of Unit Trust? Are trusts liable for transfer duty?

Does stamp duty still apply to trusts? Currently, there is a stamp duty concession available for transactions involving a transfer of land used for primary production business (or any adjacent land), or personal property used to conduct business on the lan between specific family members. However, its application is limited to where the transfer is made by way of a gift. MF units) will attract a stamp duty of 0. This will be applicable for systematic investment plans (SIPs) and systematic transfer plans (STPs). However, redemption of mutual funds will not come under this.

Generally, you do not have to pay duty or lodge documents for a transfer of shares in a private or public corporation. However, duty may still apply if you acquire shares in a corporation that: has land-holdings in Queensland of $million or more - see landholder dutyfor more information holds property on trust. See Information Circular for further details. The rights of unit holders are treated as if they are shares in the company.

A land holding trust is a wholesale. The issue, surrender and transfer of units within the scheme are not within the scope of stamp duty land tax. In Queenslan stamp duty – or transfer duty – is charged on transfers of residential land and is payable by the purchaser. As a result, the State and Territory Governments were losing revenue. The state government has a “general rate” of stamp duty which is payable by people purchasing an investment property.

It then provides a concessional rate for those buying a home. Tax Bites: Landholder duty and relevant acquisitions Various States of Australia impose landholder duty (a type of stamp duty ) on the transfer of units or shares in a landholder entity.

In Victoria, landholder duty can apply where a person makes a relevant acquisition in a unit trust or company that has landholdings in Victoria of more than $1M. One issue that is sometimes overlooked is whether landholder duty is payable on transfers of shares in a trustee company that holds land. Generally the focus in those situations is whether corporate trustee duty will be payable.

Landholder duty is payable on the acquisition of a significant interest in a private company or unit trust that owns land and meets certain other requirements.