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  • Profile photo of GunnersGunners
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    @gunners
    Join Date: 2003
    Post Count: 6
    January 22, 2004 - 10:19 am

    mom is willing to give her share at no consiuderation, however when we do the transfer, should there be a money amount on the transfer certificate??? or can it be NIL?? I am aware though that stamp duty will be assessed on the market value of her share…

    Profile photo of GunnersGunners
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    @gunners
    Join Date: 2003
    Post Count: 6
    January 18, 2004 - 12:42 am

    Thanks for the reply ActToday!

    In what sense will this affect mom’s tax situation?
    Sje has got super annuation, so the question of pension does not really come into play I think…
    Basically she will not have any assets anymore and will be renting from us…
    We will then be using the investment property for tax deductions..

    Cheers

    G. [:)]

    Profile photo of GunnersGunners
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    @gunners
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    Post Count: 6
    January 17, 2004 - 10:59 pm

    My mom has agreed to forsake her share to us at “no consideration” as we will be taking over the whole mortgage anyways…
    Now, is it possible to do the transfer of land at “no consideration” or should there be a sum of money transferred on settlement which is equal to her share of the property?
    If the answer is yes, can this amount be below the market price… indireclty, she will in effect be giving us a non-repayable gift…

    Will there be tax complications later on when we evnentually claim tax deductions using that investment property??

    Profile photo of GunnersGunners
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    @gunners
    Join Date: 2003
    Post Count: 6
    January 17, 2004 - 2:41 pm

    Thanks for the reply!!
    Is there a way to minimise the Property Stamp Duty? The property is in NSW. On what amount will the Stamp Duty be based on?
    Is it a percentage of mum’s ownership of the property x market value of property??

    Profile photo of GunnersGunners
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    @gunners
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    October 22, 2003 - 1:02 pm

    Hi peoples

    This site is basically a wrap up of what’s happening in the Australian housing market.

    http://sandpit.law.uts.edu.au/~jwan/market_predictions.html#Housing

    Bythe way, this site rocks!! THumbs up to the moderators!! [:)]

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