All Topics / Help Needed! / Sub division – Joint owners or seperate?

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  • Profile photo of WesWes
    Participant
    @craig25
    Join Date: 2014
    Post Count: 7
    November 21, 2016 - 3:20 pm

    Hi experts,

    My partner and I are going to demolish one of our investment properties, subdivide, and construct two new dwellings.

    We own the property jointly in our names.

    Is it worthwhile to put one of each of the new blocks in to each of our names? So that I own one block and my partner owns the other. Would this give us added protection from either banks or if one of us were to be sued for any reason? Or are we better off leaving both of the blocks in both our names?

    What sort of costs, or other implications need to be considered?

    Please share your insights

    Cheers

    Wes

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    November 22, 2016 - 5:55 pm

    Yes it is worthwhile considering it for a variety of reasons.

    Costs
    – conveyancing
    – stamp duty (possibly depending on state)
    – CGT
    – GST
    – mortgage discharge fees
    – new loans

    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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