I’m looking to help a friend into their first PPoR. They have the borrowing capacity, I have cash for Deposit/Closing. My quick question is: If we purchase as Tenants in Common, is my friend still eligible for Stamp Duty Concession in VIC for their share of the property? I can’t find this issue addressed on any SRO or other discussion boards.
Yes, I will be planning to get good advice from a lawyer, but in this ideas stage just looking for a heads-up, a I on the right path or will I need to look for a different solution.
Thanks in advance,
Dwight
Generally there is no different treatment between tenants in common and joint tenants for stamp duty. JT are considered to be the same as TIC in equal shares.
I don’t think there would be any difference with first home duty concessions either.
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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