All Topics / Legal & Accounting / STAMP DUTY EXEMPTIONS..

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  • Profile photo of wilandelwilandel
    Member
    @wilandel
    Join Date: 2003
    Post Count: 761

    Hi all,

    I should probably know this, but anyway…

    Does anyone know if there are still stamp duty exemptions available if you are buying property from direct family members…

    The property is currently in personal names, not held in any trust structure, and would be sold into the other family members private name.

    Thanks in advance,

    Del

    Profile photo of MonopolyMonopoly
    Member
    @monopoly
    Join Date: 2004
    Post Count: 1,612

    Hi Del,

    I am pretty certain, the simple answer to your question is (an unfortunate) NO. [glum2]

    Cheers,

    Jo

    Profile photo of wilandelwilandel
    Member
    @wilandel
    Join Date: 2003
    Post Count: 761

    Thanks for that Jo,

    Just what I thought, but DIDN’T WANT TO HEAR! [weird]

    Del

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    There may be exemptions when transferring between spouses.

    Terryw
    Discover Home Loans
    North Sydney
    [email protected]

    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

    Profile photo of BroncoBronco
    Participant
    @bronco
    Join Date: 2004
    Post Count: 1

    My understanding is that transfers between spouses are generally exempt from stamp duty. In Victoria at least, transfers between other family members would usually be subject to stamp duty.

    The tax office may also deem that there is GST and/or capital gains tax on any “gain” made during the transaction – so you would need to get advice on this as well.

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