redspida replied to the topic Parents own too much land for pension in the forum Help Needed! 18 years, 7 months ago
Ok, we have established that stamp duty is payable if a title changes owners and CGT applies for land exceeding the allowable CGT-free 2ha’s with the PPoR on it.
Now let’s say another family member would be added to the title as a part (50%) owner of the land. Do stamp duty and/or CGT apply in such a case? Logically half the stamp duty woul…[Read more]
redspida replied to the topic Parents own too much land for pension in the forum Help Needed! 18 years, 7 months ago
Transferring the property now will incur stamp duty. It may be a way for them to get the pension, but at $420 per fortnight is it worth the hassle and expense – Capital Gains Tax as well.
Hi Terryw,
is stamp duty payable even for transfers to family members without any money involved, just change of name on the title?
I thought capital gains tax…[Read more]redspida replied to the topic Parents own too much land for pension in the forum Help Needed! 18 years, 7 months ago
It seems to me they would be better off looking at ways to leverage off their asset so that they can continue to live comfortably and also provide something for the kids.
Hi Derek,
my parents want to stick with the property, no matter what.
They are very family oriented.
You mentioned leverage, what options are available without getting rid of the land?