Fred and Wilma are the trustees of the Flintstone Unit Trust which own a commercial premises in NSW and supplies building materials to its clients. Fred and Wilma decide to retire and wish to sell their business to a third party.
discretionary trust
Added costs to acquiring property involving foreign persons
The NSW Office of State Revenue levies additional stamp duty on acquisitions of land by foreign persons and additional land tax in relation to foreign landholders. As trusts and companies can also be considered ‘foreign persons’, these entities could potentially be hit with an extra tax bill to pay.
How to hold your assets to meet your needs
There are many ways to structure your assets in order to protect them, and there are a great many legal mechanisms to achieve different scenarios – if you know where to look. “It’s my money – I’ll do what I want with it!” – that’s nice in theory but if you have a specific arrangement […]