All Topics / Help Needed! / Recently moved PPoR to IP and stamp duty
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…. mabyeCheers,
SP – Brisbane NorthsideSP
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
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 MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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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