Hi,
My wife and myself live in QLD would like to setup our home ownership as Tenants in Common at 50%/50%. We would look to change it in the future to 99%/1%. Is this an easy change to make in the future? How would we go about this? When does the ownership structure get declared?
Cheers,
Andrew
Do you already own the property?
In NSW at least I’m pretty sure you need to pay stamp duty when making ownership changes like that which generally negates the benefits.
This is declared at purchase time.
Simon Plummer | SP
https://www.sp.com.au
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I’m assuming you want to have it 50/50 as you are both working and getting tax benefits because of the property.
Let me guess, one of you will not be working later when you sell so you want it all in the persons name with no income?Changing it for those reasons is called tax evasion and is illegal.
You can change it later but you’ll have to pay stamp duty to change it. And prove you are not doing it to avoid ax.
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