Hi Everyone,
Your imput is much appreciated in this dilemma of mine!
At present I own 2 units, one I own on my own (PPOR) and the other (IP) I have a 50% share with my brother.
As it stands I am going to sell them both to purchase a block of land to develop. My brother would be interested in purchasing my PPOR which means that I would sell the unit we both own (IP) and then my brother would purchase the other one off me as he likes its location better. Both are worth approximately the same $550K
I understand that this will have much tax implications as we will both be up for CGT on the sale of the (IP) and then he will be up for a further Stamp Duty on the purchase of the other one (my PPOR). Can anyone inform me on any way we can do this to minimise the taxes involved as together we could be up for up to $70,000.
Can an entity be set up just to reduce this bill ie. family trust etc.Much Appreciated!
Regards
JohnNo CGT on the transfer of your main residence (usually). But stamp duty will apply.
CGT will apply on the sale of your unit.
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
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