A question on stamp duty

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

Ty
Member
@ty
Join Date: 2005
Post Count: 18
February 8, 2005 - 1:01 am
My Brother has asked me to go in with him in a house that he bought 5 years ago, my question is seeing i’m going in halves in this house and will have my name on the deeds etc will i have to pay any stamp duty? and if i do, will i only have to pay for the half share that i will own as my brother would have paid for it when he bought it.
Your input is greatly appreciated.
Ty
Dazzling
Member
@dazzling
Join Date: 2005
Post Count: 1,150
February 8, 2005 - 2:41 am
Ty,
My understanding is…yes and yes.
Cheers,
Dazzling
“Go hard or go home”
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
February 8, 2005 - 12:34 pm
You will be buying half at market rates so will pay stamp duty accordingly. Even if you pay $1, you are required to pay stamp duty at market rates. He may have to pay CGT too if this was an investment property.
Terryw
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tony wpb
Member
@tony-wpb
Join Date: 2005
Post Count: 88
February 8, 2005 - 1:01 pm
Hi Ty, always pays to find the answer yes i would double check on this site as there is a ruling there. but this info is cut from http://www.osr.nsw.gov.au Related person means a person who is related to another person in accordance with any of the following provisions:
a) natural persons are related if”
one is the spouse or de facto partner of the other, or
the relationship between them is that of parent and child, brothers, sisters, or brother and sister, .( i have presumed it is in nsw as that is on your personal details. the money is better in your pocket than your state goverment
Ty
Member
@ty
Join Date: 2005
Post Count: 18
February 8, 2005 - 10:36 pm
Thanks for the input people.
Tony the house is actually in Tassie, my brother only paid $15000 for it 5 years ago, has spent around $15000 extra on it but is in short supply of cash to finish the reno’s, and wants me to put in $15,000 for a half share(it is worth approx $150,000 now), i will have a look at the web site you posted and see if there is a way around paying the stamp duty legally of course.(just noticed that it is a NSW site and will try and find the Tas one)
Does anyone have the web address for a stamp duty calc for Tassie?
once again thanks all for the input. i have a lot more Q???? to ask so stand by for more posts.
Ty
luckyone
Member
@luckyone
Join Date: 2003
Post Count: 148
February 8, 2005 - 11:43 pm
Here’s a stamp duty calculator for you:-
http://www.yourmortgage.com.au/calculators/stamp_duty/
Thanks,
Luckyone