All Topics / Legal & Accounting / PROPERTY GIFTING BETWEEN BROTHER & SISTER

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  • Profile photo of IBM6870IBM6870
    Member
    @ibm6870
    Join Date: 2011
    Post Count: 2
    October 27, 2011 - 4:58 am

    My brother has a property in Victoria (purchased in 1997) and wants to gift me 50% of the property, so that we're both equal owners.  The value of the property is currently $320,000 (approx).  Is there any way we could become equal owners of this property without paying Vic Govt Stamp Duty?  Where would we find the appropriate documents to complete and are we able to complete this ourselves without seeking legal representation so to minimize our outlay.

    Regards,
    IBM6870

    Profile photo of IBM6870IBM6870
    Member
    @ibm6870
    Join Date: 2011
    Post Count: 2
    October 27, 2011 - 5:17 am

    Further to my previous post…. The property is located in the Bellarine Peninsula therefore classifed as being outside the land tax urban map… could this be an avenue for stamp duty excemption?

    Profile photo of Scott No MatesScott No Mates
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    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856
    October 27, 2011 - 6:21 am

    Land tax exemption differs from stamp duty. Check the osr website if there are any exemptions.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    October 27, 2011 - 6:28 am

    Can't see any basis for a stamp duty concession. Market rates would apply.

    You could have a look at the Duties Act (VIC).

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 4 posts - 1 through 4 (of 4 total)

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