I’ve just been reading a similar thread re: stamp duty on house transfers in QLD and am hoping to find an exemption from stamp duty in the transfer of the family home into my name (NSW) Myself and my husband (separated 3.5 years) have come to a satisfactory agreement over the transfer of our home, the mortgage for which I have been paying for the length of time we have had the property (3.75 years) i am the sole supprter of our daughter. The savings we held before purchasing were in my name. We have agreed on a specified amount of money, some to be paid now, and the rest in 2 years. Is stamp duty charged if any money is exchanged or is there any legal way of getting around stamp duty?
Grateful for any advice,
There should be an exemption from stamp duty under the Family Law Act as it is part of a settlement. Talk to your solicitor and get the document drawn up
yep, see s 68 Duties Act (NSW)
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I'm with the others on this. I haven't practiced Family Law for a long time but my understanding is that if the transfer from both parties to one party is pursuant to a property settlement and it is reflected in in an agreement that is stamped or otherwise acknowledged by the Family Court, then it will be free of stamp duty.
I'm sure your lawyer will know exactly the documents to prepare.
Cheers
K
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