Are you thinking of setting up a trust? Are you unsure of the costs associated with lodging a trust deed?
To set up a trust you will need to a lodge a discretionary trust deed. Depending on the revenue authority in your state or territory, you may need to pay stamp duty on the trust deed.
Do I have to Pay Stamp Duty on a Trust Deed?
The following table details the states and territories that require payment of stamp duty when lodging a discretionary trust deed. The relevant due dates for payment in each jurisdiction are also listed.
|Jurisdiction||Stamp Duty||Due Date|
|NSW||$500||3 months from date of deed|
|NT||$20||60 days from date of deed|
|TAS||$20||3 months from date of deed|
|VIC||$200||30 days from date of deed|
Once you know how much stamp duty you need to pay, you’ll need to have your trust deed drafted. Through LawPath you can generate a customisable and ready to use discretionary trust deed in 10 minutes. However, if you would like a lawyer to draft a discretionary trust deed, you can connect to LawPath’s lawyer marketplace and compare fixed price quotes.
Ready to create a trust? Contact a LawPath consultant on 1800 529 728 to learn more about customising legal documents, obtaining a fixed-fee quote from one our network of 750+ expert lawyers or any other legal needs.