Hi all,
I should probably know this, but anyway…
Does anyone know if there are still stamp duty exemptions available if you are buying property from direct family members…
The property is currently in personal names, not held in any trust structure, and would be sold into the other family members private name.
Thanks in advance,
Del
Hi Del,
I am pretty certain, the simple answer to your question is (an unfortunate) NO. [glum2]
Cheers,
Jo
Thanks for that Jo,
Just what I thought, but DIDN’T WANT TO HEAR! [weird]
Del
There may be exemptions when transferring between spouses.
Terryw
Discover Home Loans
North Sydney
[email protected]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
My understanding is that transfers between spouses are generally exempt from stamp duty. In Victoria at least, transfers between other family members would usually be subject to stamp duty.
The tax office may also deem that there is GST and/or capital gains tax on any “gain” made during the transaction – so you would need to get advice on this as well.
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