QLD Does Stamp Duty Apply to Property in Discretionary Trust?

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21 November 2016
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My spouse and I own property in a Discretionary Trust that we wish to transfer to our ourselves as the sole benefactors of the trust in Queensland. The property will be used as a principal place of residence.

Does stamp duty apply? Do any concessions apply ?

Kindest regards
 

Lance

Well-Known Member
31 October 2015
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Hi,

It might be worth getting formal advice on this one. It would appear that you have to pay transfer duty (previously stamp duty) if you terminate a trust over a dutiable property. I'm assuming that the property is the only thing in the discretionary trust so transferring the property would terminate the trust.

Here is some more information that might help clarify: Trusts and transfer duty | Homes and housing | Queensland Government
 
D

Darryl Richards

Guest
Hi,

It might be worth getting formal advice on this one. It would appear that you have to pay transfer duty (previously stamp duty) if you terminate a trust over a dutiable property. I'm assuming that the property is the only thing in the discretionary trust so transferring the property would terminate the trust.

Here is some more information that might help clarify: Trusts and transfer duty | Homes and housing | Queensland Government

You should seek accounting advice also as what you are effectively looking at doing is buying the property from the trust, the trust is selling it to you.