IP transfer to Spouse to offset share losses

Viewing 6 posts - 1 through 6 (of 6 total)

trevj
Member
@trevj
Join Date: 2011
Post Count: 4
November 17, 2011 - 3:11 am
Hi,
Currently have IP in my name with significant capital gain.The wife has significant share losses in her name.
Is there anything i can do to offset the gains with the losses ?
I believe i can transfer the IP to my wifes name with no stamp duty but when this occurs does a CGT "event" occur at this point in time so that i would have to pay the CGT.
Medium term i will be selling this to fund house construction in Mt Waverley
cheers
Trev
Marie123
Participant
@marie123
Join Date: 2009
Post Count: 176
November 17, 2011 - 4:20 am
Hi Trev
How come you don't have to pay stamp duty when you transfer it to your wife's name? I wasn't aware of that but perhaps it's a differing state law.
Cheers.
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
November 17, 2011 - 4:33 am
trevj wrote:
Hi,
Currently have IP in my name with significant capital gain.The wife has significant share losses in her name.
Is there anything i can do to offset the gains with the losses ?
I believe i can transfer the IP to my wifes name with no stamp duty but when this occurs does a CGT "event" occur at this point in time so that i would have to pay the CGT.
Medium term i will be selling this to fund house construction in Mt Waverley
cheers
Trev
If only the house was owned in a discretionary trust!
Transferring to wife would be a CGT event. In VIC it could be stamp duty exempt though.
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
trevj
Member
@trevj
Join Date: 2011
Post Count: 4
November 17, 2011 - 5:36 am
Terryw wrote:
If only the house was owned in a discretionary trust!
Transferring to wife would be a CGT event. In VIC it could be stamp duty exempt though.
Yep thats what i'm thinking about CGT event . I am in Vic so believe stamp duty exempt.
Best option may be to Refinance
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
November 17, 2011 - 5:39 am
Refinancing won't help with CGT though
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
trevj
Member
@trevj
Join Date: 2011
Post Count: 4
November 17, 2011 - 5:47 am
Terryw wrote:
Refinancing won't help with CGT though
I mean not selling and drawing out equity
Thanks for replys