In this edition of ‘It depends’, lawyer Sacha Robinson talks about whether your family trust deed needs to be stamped.
Welcome to today’s edition of It Depends. Today, we will be talking about whether your family trust deed needs to be stamped.
Does my family trust deed need to be stamped?
It depends. In Queensland, your trust deed does not need to be stamped. However, stamping is a requirement in other states such as Victoria and New South Wales. We suggest that when you are establishing your trust deed, that you check the stamping requirements as these may change. Usually, there will be nominal stamp duty payable, however, this varies in each state.
Will stamp duty be payable?
Yes, but that time frame varies in each state.
Is there a time frame for having my trust deed stamped?
If you do not get your trust deed stamped within the relevant time frame, there may be late fees and penalty interest payable to the relevant revenue office.
What happens if I do not get my trust deed stamped?
There are several potential problems if you do not get your trust deed stamped when it is required. Firstly, as previously mentioned, there may be late fees and penalty interest payable. Secondly, revenue offices, banks and government authorities will likely need your trust deed to be stamped when dealing with your trust. And lastly, there is also a risk that an unstamped trust deed may be unenforceable in certain circumstances.
Further help with stamping of family trust deeds
Please contact myself or a member of our team if you would like to discuss stamping your family trust deed further.