All Topics / Help Needed! / Purchasing property from future father-in-law

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  • Profile photo of bm17bm17
    Participant
    @bm17
    Join Date: 2010
    Post Count: 47

    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

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    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 Me

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

Viewing 2 posts - 1 through 2 (of 2 total)

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