buying property using bare trust with no LRBA

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 · Accepted Answer

Bruce4Tax · Answer

Can I use an existing bare trust to buy a property if I have sold the original property and I no longer have a loan. No - the bare trust deed should refer to a specific property. After that property is sold, there is no trust. If I have incorrectly used the same name and sales contract is is bare trust ATF for corporate trust ATF for the fund. How do I fix it without costing a great deal of money? Property has to be owned by SMSF trustee company. Talk to your lawyer - they should create a declaration of trust on settlement date.

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