In very limited circumstances, in NSW a property can be transferred without paying transfer duty. Townsend Law’s Jonathon See explains.
stamp duty
Changes to requirements on trust property transfers
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.
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.
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