Trading Trust To LAQC

[ActionMan]

Hi everyone

New to this forum.

Bought a property in a trading trust with initial plan of flick and after reno and current flat market decided to rent and sell later.

Can I sell this property to my LAQC?
Claimed GST on purchase price so will have to pay GST.
What price can I sell it to LAQC for?
Been about six weeks since purchase on trading trust?

Thanks

[Dean@Massiveaction]

Hi Action man.'General answers are

Can I sell this property to my LAQC?

Yes, but as it is an associated party you will require a registereed valuation and sell it at that price

Claimed GST on purchase price so will have to pay GST.

Selling it to anyone will trigger that

What price can I sell it to LAQC for?

RV.

Been about six weeks since purchase on trading trust?

Talk to a professional. The short time frame may enable you to resell at purchase price. I am not an expert on associated party rules so check with a good property accountant.