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Stamp duty on trust deed in a different state?

Discussion in 'Accounting, Tax & Legal' started by naz, 14th Jan, 2008.

  1. naz

    naz Member

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    Seems to me that stamp duty on a trust deed in NSW is disproportionally expensive to some other states. What would it take for me to be able to stamp it in some other state? I think Sim has said before that his trust was stamped in a different state. I'm not planning on buying property in the medium term (in case that makes a difference).

    Thanks!
     
  2. Simon Hampel

    Simon Hampel Co-founder Staff Member

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    Mine was only stamped in another state because that's where my accountant was at the time.
     
  3. NickM

    NickM Co-founder Staff Member

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    the stamping of the deed will depend on where the deed is signed by the last person

    eg, if the trustee resides in NSW and signs the deed, then sendsit to the settlor who resides in Qld then no duty will be payable as the deed becomes effective in Qld and there is no duty applicable in Qld.

    Nickm
     
  4. naz

    naz Member

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    Thanks for that info Nick.

    I've actually looked around the websites a bit more since I posted the question and saw on the NSW Office of State Revenue site it says (if you follow Discretionary Trust)

    "Was the trust deed executed (signed) by any party in NSW ?"

    If so then it is payable in NSW. I might just stick to the safe route when and get it stamped in NSW.
     
  5. NickM

    NickM Co-founder Staff Member

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    Thanks Naz
    I have sent this link to the lawyer who gave me the previous advice !
    I agree, be prudent for the sake of the validity of your trust $200 is not a huge sum to pay
    Nickm