Stamp duty on transfer of house from couple to wife in Queensland

Stamp Duty would be payable on the transfer value.

Hi PTW

For the sake of clarity – your house isn't in the bank's name just because they hold a mortgage over it. The house would already be in your name, or your wife's name, or most likely both if you have a joint loan facility. The bank's mortgage is registered on the title to the house securing the money loaned.

Once your mortgage is repaid the bank will release it's mortgage, and your title will be clear. There won't be any change in the ownership of the house however.

Unfortunately, the responses thus far are correct insofar as you can't transfer your interest in the house to your wife without incurring stamp duty in Queensland unless particular circumstances apply.

Congratulations on paying off your loan though!

Cheers
Adam

Sounds terrifying.

I suspect that you would get nabbed under the anti-avoidance provisions of the Duties Act, unfortunately, but the prospect of a divorce, property settlement and remarriage makes paying stamp duty sound cheap anyway!

Cheers
Adam

Not so, I'm afraid.

The exemption only applies if, after the transfer, the land ends up being owned as joint tenants or tenants in common in equal shares.

As PTW wants to transfer the whole property to his wife, no exemption would apply.

Cheers
Adam

For these sorts of questions it is best just to look straight at the legilsation:

http://www.austlii.edu.au/au/legis/qld/consol_act/da200193/s151.html

DUTIES ACT 2001 – SECT 151

151 Exemption–particular residences

Transfer duty is not imposed on a dutiable transaction that is the transfer, or agreement for the transfer, by way of gift, from 1 party to a subsisting marriage or de facto relationship to the other party to the marriage or de facto relationship, of an interest in residential land if–

(a) after the transfer, the residential land will be owned by the parties as joint tenants or tenants in common in equal shares; and

(b) the residence will be the principal residence of the parties.

<font color=”#000000″>Wouldn't it just be easier to call a someone who does conveying? Surely they can tell you over the phone?</font>

Hang on

it subsection says:

"(a) after the transfer, the residential land will be owned by the parties as joint tenants or tenants in common in equal shares; and "

You will not qualify as you want  the property to be owned by your wife only.

G'day Terry,

From memory (while ago now) the Acts Interpretation Act and Duties Act could not assist me any further with definitions. I don't believe there were any Revenue Rulings of assistance either.

PTW,
You had better treat her good or she might not be keen to give you another go. It takes a special kind of woman to want to get dviorced for future financial gain.

Best of luck mate.

Hi Guys;
There is a way of minimising stamp duty in QLD and it took a lot of phoning to find a solicitor who knew about it.
You can legally put the house in your wifes name only by using the terms "for love and affection" It doesn't completely get rid of the stamp duty but ours went down from $14,000 quoted by a conveyancer to $3600 and I was happy to pay that solicitors fees on top I can tell you!
We have just done it but you need a solicitor not a conveyancer to do the paperwork!
Hopefully this will save you a few $ and you wont have to get divorced!