Dear all,
I need some advice on nomination twice will trigger any stamp duty or penalty by the tax people due to loan not approve or cash flow problem need to sell it out as a nominee?
Please advice? Anyone come accross scenario like this before so far?
Shane
Please explain!!!
It is not clear what you are asking.
nomination twice?
loan not approve?
need to sell it our as a nominee? You were listed as a nominee but not going ahead?
Dear Savvy Investors,
Below is the detail scenario for your easy reference and study:
I partnership with my friend name Ms Yap for the purchase of 2 units apartments. However, Ms Yap wish to nomiate my name after signing the sales and purchase agreement within the short time of period due to personal issue.
Hence, i am hoping that someday i can nominate to my family members or relatives for the property in the future in the event that i cant get loan for my 2nd unit or cash flow problem.
There are few clarifications needed as follow:
1) Before the completion of the property, can i nomiate to another person before the completion of the property? is there any tax or stamp duty implication here?
2) with the power of attorney is that possible to override the previous 1st nomination for the amendment or changes in this cases.
My objective here is to be nomiated and be able to nominate last person without any penalty or stamduty charges involved. Can this be done, if yes in what ways pls advice?
Many thks in advance!
Best Regards,
Shane
1. Yes and yes, possible double duty. Will depend on the state the property is in and the circumstances. could be tax if there is a fee for the nomination or option agreements etc
2. no.
seek specific legal advice.
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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