Recently moved PPoR to IP and stamp duty

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snaper
Member
@snaper
Join Date: 2005
Post Count: 9
August 19, 2009 - 1:20 am
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
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
August 19, 2009 - 7:03 am
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
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
August 19, 2009 - 11:05 am
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
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
August 19, 2009 - 11:18 am
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