And/Or Nominee in South Australia & WA

Viewing 9 posts - 1 through 9 (of 9 total)

macmine
Participant
@macmine
Join Date: 2017
Post Count: 9
October 5, 2017 - 9:26 pm
Hi everyone,
Would someone know if and/or nominee is allowed in South Australia & Western Australia, in that it won’t attract double stamp duty?
I know that it is accepted in Victoria, and not in Queensland.
Thank you for your help, anyone! :)
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
October 5, 2017 - 10:28 pm
It depends on the situation. generally double duty in VIC and in SA. You should seek legal advice before signing any contract.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
David Hall
Participant
@wiggles2
Join Date: 2014
Post Count: 66
October 6, 2017 - 2:54 am
You cannot use and or Nominee in WA without attracting stamp duty. The only exemption allowed is within a family eg change from father to a son or from a husband to a wife. This is however at the discretion of the commissioner and should not be relied upon.
David Hall | The Buyers Agency
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Buyers Agent
macmine
Participant
@macmine
Join Date: 2017
Post Count: 9
October 7, 2017 - 2:37 pm
Thanks a lot, everyone. It’s much appreciated.
Pete
Participant
@pjewitt
Join Date: 2015
Post Count: 50
October 7, 2017 - 7:03 pm
I’ve used “and/or nominees” on-selling 2 blocks of land between signing the contracts and settlement dates here in South Australia, but not sure if what I did is comparable to what you have in mind. As I used an “Assignment of Contract” to sell both blocks, I never got to settlement personally so didn’t have to pay stamp duty (that I recall). Also, this was 9 years ago so things may or may not have changed since then.
As TerryW wrote best get some legal advice.
cheers
Pete
- This reply was modified 7 years, 1 month ago by Pete.
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
October 7, 2017 - 8:55 pm
Pete – did you sell them for more than purchase?
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Pete
Participant
@pjewitt
Join Date: 2015
Post Count: 50
October 7, 2017 - 9:23 pm
Hi Terry,
Yes I made around 20k between the two. I’ve just edited my previous post, I don’t recall paying stamp duty, but I can’t confirm whether I did or didn’t pay stamp duty (my records don’t go back that far). I’m interested to know if you can clarify for me.
cheers
Pete
- This reply was modified 7 years, 1 month ago by Pete.
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
October 7, 2017 - 9:49 pm
My understanding is that such a transfer would result in double duty as essentially it is an onsale
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
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
October 7, 2017 - 9:52 pm
See SDA009 which is a ruling from Revenue SA.
Look at example 1
https://www.revenuesa.sa.gov.au/rulings/SDA009.pdf
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