[GunnersMember@gunnersJoin Date: 2003Post Count: 6]

January 22, 2004 - 10:19 am

mom is willing to give her share at no consiuderation, however when we do the transfer, should there be a money amount on the transfer certificate??? or can it be NIL?? I am aware though that stamp duty will be assessed on the market value of her share…

[GunnersMember@gunnersJoin Date: 2003Post Count: 6]

January 18, 2004 - 12:42 am

Thanks for the reply ActToday!

In what sense will this affect mom’s tax situation?
Sje has got super annuation, so the question of pension does not really come into play I think…
Basically she will not have any assets anymore and will be renting from us…
We will then be using the investment property for tax deductions..

Cheers

G. []

[GunnersMember@gunnersJoin Date: 2003Post Count: 6]

January 17, 2004 - 10:59 pm

My mom has agreed to forsake her share to us at “no consideration” as we will be taking over the whole mortgage anyways…
Now, is it possible to do the transfer of land at “no consideration” or should there be a sum of money transferred on settlement which is equal to her share of the property?
If the answer is yes, can this amount be below the market price… indireclty, she will in effect be giving us a non-repayable gift…

Will there be tax complications later on when we evnentually claim tax deductions using that investment property??

[GunnersMember@gunnersJoin Date: 2003Post Count: 6]

January 17, 2004 - 2:41 pm

Thanks for the reply!!
Is there a way to minimise the Property Stamp Duty? The property is in NSW. On what amount will the Stamp Duty be based on?
Is it a percentage of mum’s ownership of the property x market value of property??

[GunnersMember@gunnersJoin Date: 2003Post Count: 6]

October 22, 2003 - 1:02 pm

Hi peoples

This site is basically a wrap up of what’s happening in the Australian housing market.

http://sandpit.law.uts.edu.au/~jwan/market_predictions.html#Housing

Bythe way, this site rocks!! THumbs up to the moderators!! []