J12345 replied to the topic Subdivision – stamp duty in the forum Legal & Accounting 9 years, 7 months ago
A great read. Thank you both for being so helpful. It’s a difficult area I appreciate.
J1234
J12345 replied to the topic Subdivision – stamp duty in the forum Legal & Accounting 9 years, 7 months ago
Advice from accountant:
“If you have got a partition agreement for the title split, there is no CGT implication on the completion of the subdivision to 2 separate properties. The CGT only applies when you happen to sell the new property.”
Phew.
J12345 replied to the topic Subdivision – stamp duty in the forum Legal & Accounting 9 years, 7 months ago
No didn’t seek the advice on GST. Apart from accountants did confirm my intention to hold the property as selling may trigger GST on sale.
I took GST position from ATO website.
Regards
J1234J12345 replied to the topic Subdivision – stamp duty in the forum Legal & Accounting 9 years, 7 months ago
Thanks Terry
I did have a Deed of Partition set up and stamped yes. Although there is a change of title going from 2 names to one name, I believed that the Deed of Partition would cover that although any change in that % ownership as per a new valuation would have a duty payable on that % change. The stamp duty office would make their own…[Read more]
J12345 started the topic Subdivision – stamp duty in the forum Legal & Accounting 9 years, 7 months ago
Bought a Subdivision block creating a second property. Bought in 2 names of equal % ownership as Tenants in Common. Contemplating subdivision going through. That % ownership has now slightly changed – will obtain a valuation to show how much each property is worth. Implications? – stamp duty on the difference of what the % ownership was to what it…[Read more]