All Topics / Help Needed! / Purchasing property from future father-in-law
Hi all, it has been a little while since my last post.
I was hoping to get everyones thoughts on a potential opportunity that has recently arisen. My future father-in-law owns a number of properties and has recently retired so is looking to sell a couple off and one of these would be a good opportunity for me and my fiance.
I am comfortable with the due diligence that needs to be required (as I have been through the purchasing process a few times before) so what I was looking for was some advice as to the best way to proceed with the transaction, where various taxes (stamp duty for me, CGT for him etc.) can be minimised. I understand that properties can be transferred between spouses without incurring stamp duty and I was wondering if something similar can be done between parent / child?
The property is in Victoria so if there is anyone that has any experience in this, any advice would be greatly appreciated.
Thanks
Generally no exemptions of stamp duty or cgt for transfers between parents and children – other than at death.
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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