Hey guys i am interested in flipping a house in the south eastern suburbs of melbourne i can aquire this property and have enough time to renovate and sell again. But not sure what the go is with stamp duty. Any responses to this problem are more than welcome and appreciated or any recomendations of a good solicitor?
Cheers Pete[biggrin]
PETER
pete
i,ve done flip sales on blocks of land in w.a
and always had to pay stamp duty.The property is an associates who wants an easy sale so the plan is to pay them on settlement when i sell but not sure if i have to put the property in my name and pay stamp duty to recieve profits as i know the owner. So I guess my question is does the property have to be im my name to recieve profits.[confused2]
PETER
yes it would be great not to have to pay stamp duty – imagine the arbitraging that would occur if it were abolished!
Extensive list of new Perth property available for sale.Alternatively, become a joint venture partner in one of our property development partnerships – contact me to find out why our developments are unique. John – 0419 198 856
If you buy the property (ie transfer title) you will have to pay stamp duty. In Vic it may be possible to sign the contract ‘and/or nominee’, and then to nominate another party before settlement. If you already have the nominee and have a written agreement in place before you sign, then you may be able to avoid stamp duty.
If it is a friend, maybe you could just get an option on the property and then onsell. saving yourself a lot of stamp duty.
Terryw
Discover Home Loans
North Sydney
[email protected]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
Cheers Terry
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