Does anyone know whether it is possible to assign land in Victoria, thereby avoiding the need to pay stamp duty?
For example, I have bought a block of land for $200,000. The purchaser is listed as me and/or nominee. John Smith wants to buy it for $240,000. I simply change the name of the purchaser to John Smith (as my nominee). He buys the land for $200,000 and then pays me a $40,000 assignment fee. As there is only one transfer of land, only one lot of stamp duty is payable.
Anyone done this in Vic, or know whether it can be done?
Cheers
K
In VIctoria you will need a written agreement with the nominee before you sign the contract otherwise you both pay stamp duty. This was from a few years ago and things may have changed because people were just backdating the agreements!
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
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