Custodian trust deed stamping

What is a Trustee Deed? Can a bare trustee be a trustee? How can I register a charitable trust deed? Here, the specific wording of the trust deed may be relevant in making a final determination.

Alternatively, if the transfer of the property to the custodian and the declaration of trust occurred contemporaneously, sof the Act may apply to exempt the declaration of trust from duty. The final step of the arrangement is the ultimate transfer of the property from the custodian to the RSF, which is likely to occur upon discharge of the borrowings.

However, in NSW, the custodian trust or bare trust deed needs to stamped when you borrow to purchase an investment property in your SMSF. Revenue NSW does not allow agent to duty stamp bare trust deed , therefore you need drop the required documents to one of the Revenue NSW offices or post them using registered mail or express post. A deed of confirmation in relation to any trust deed for which a copy of the stamped deed cannot be produced. A statutory declaration, by a person having knowledge of the steps taken to locate the original trust deed , detailing those steps.

If an unstamped copy of the trust deed is available, you must attach a copy and explain how it was obtained. Patricia’s fee for duty stamping your trust deeds is a nominal fee to cover our costs of only $(inc GST). We charge $(inc GST) if your trust deed was not prepared by Patricia.

Stamp duty on establishing trust deeds in NSW is fixe as long as they are stamped within months of the date of execution. These are general guidelines for transactions involving a Declaration of Trust by Custodians pursuant to section 62B of the Duties Act.

It also sets out exceptions where they are not able to be processed on EDR and must be submitted to us. Section 62B, provides a concessional duty charge of $5on a declaration of trust. It must be over dutiable property purchased or being purchased by a custodian (bare trustee ), on behalf of a trustee of a self-managed superannuation fund (SMSF) and the. If GST is included as part of consideration, stamp duty is payable on the GST inclusive amount (Section 15A). If a conveyance is part of a series with other conveyance documents (i.e. the conveyances arise from a single contract of sale or together form or arise from one transaction or a series of transactions), all documents must be self-determined concurrently and Section applied.

Bare Trust Deed if the Commissioner for Stamp Duties is satisfied that the whole of the purchase price came from the Super Fund (and its Lender) and that the “apparent purchaser” exemption under Section therefore applies. Please read our articlefor more information. Priscilla is a lawyer.

Answered by Priscilla Ng. She practises in the areas of business and commercial law, intellectual propertyand employment law. The custodian trustee has transferred to it, by way of vesting orders where necessary, all securities and documents of title relating to the trust property (eg share certificates and title deeds to land owned by the charity), subject to any rights of a third party (eg in the case of borrowing secured on a property, the title deeds will be held by the lender). Generally, in a limited recourse borrowing arrangement an SMSF trustee will execute a trust deed appointing another person (we call this person a Custodian to avoid confusion with the SMSF trustee) to hold the property on trust until the SMSF trustee has paid one or more repayments of the loan.

It is no one’s business, other than yourself, and the ATO, of course. You transfer your real estate to a bare trustee for no stamp duty or CGT. When someone does a search at the local titles office your name does not appear anywhere.

Before the Bare Trust is created the beneficiary is both the legal and equitable owner. Therefore, there is no trust in existence since the ‘legal owner’ and ‘beneficiary owner’ are the same person. Instea the deed will be signed in the name and on behalf of the Official Custodian by the.

The date the Bare Trust is established will depend on which state you are in. For instance in QLD the bare Trust must be established pre-contract date. Given you are sending for stamping I assume you are already settled in which case the Bare Trust should have been executed. The order in which you sign the trust deed and the Contract of Sale for the property may result in you paying double stamp duty.

Your accountant will let you know the requirements for your state: The Australian Capital Territory (ACT), New South Wales and Tasmania require the Contract of Sale to be signed and dated before the bare trust deed. Merely from a stamp duty point of view, a discretionary trust deed will attract $5stamp duty as opposed to $for a Bare Trust deed. With a unit trust , entitlements are unitised.

In the context of super gearing, there is only one beneficiary who will be ultimately entitled to the trust property.