Hi There
Just wondering if anyone has any suggestions on how to avoid having to pay stamp duty on the buyout of a joint venture property? seems ridiculous to have to pay stamp duty twice on the same property? (this is in victoria).
many thanks
M.Hi
I am no expert but I am going through the same thing at the moment (W.A). As far as I can find out there is no legal way around it but you can minimise it by keeping the value (on paper) of the property as low as possible. I guess you have to remember that you should have only paid half in the first place because your partner (JV) should have had the other half. You will also only have to pay it on the half you are buying. I guess the only people who do well out of SD is the government as usual, it kind of feels like they are double dipping then they will charge your partner CG tax!. Not bad for a days work and they didn’t even have to leave the office [grrr].
I paid my half out on the value we bought it for and may just give my partner his profit as say an early Christmas present [wink2]
Originally posted by michelle34:Hi There
Just wondering if anyone has any suggestions on how to avoid having to pay stamp duty on the buyout of a joint venture property? seems ridiculous to have to pay stamp duty twice on the same property? (this is in victoria).
many thanks
M.Roodog has pointed out you would not be paying stamp duty twice, just once on your share in the begining and again on the remainder when buying them out.
How have you owned the property? Trust or company? if so there may be ways around it.
Terryw
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