All Topics / Help Needed! / Recently moved PPoR to IP and stamp duty

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  • Profile photo of snapersnaper
    Member
    @snaper
    Join Date: 2005
    Post Count: 9

    Hi all,

    Just need advice (possibly more like confirmation) on stamp duty for property

    Recently moved from house 1 to house 2.
    House 1 is ONLY in wifes name, which is now tennented.

    All records seem to indicate that had I transferred the title to both names while house 1 was PPoR I would need to pay minimal stamp duty.
    Now that house 1 is an IP, to transfer to both names I need to pay full stamp duty (somewhere around 5k).

    Is there anyway around this?
    If I moved back to house 1 would this be avoided? – this is an option…. mabye

    Cheers,
    SP – Brisbane Northside

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    SP

    Yes if the property was your PPOR then the Stamp Duty would be less than it would be if it is a IP.

    In addition you need to consider the possible Capital Gain trigger if you transfer the property into joint names whilst being an IP

    Richard Taylor | Australia's leading private lender

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    i think in QLD it is possible to transfer title from one spouse to both spouses for no stamp duty – but only if the house is the main residence/

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Yes. See section 151 of the Qld Duties Act 2001 but only applicable if it is your PPOR.

    Richard Taylor | Australia's leading private lender

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