Hi,
One of my friends is transferring the title of her investment property from a joint title between her and her father into a title in just her name. She has been told she will have to pay a $2k+ fee for this to the government, even though no money is changing hands.
Does this sound right to you guys? Any thoughts would be appreciated…
Many thanks
Kate
I would expect that stamp duty would be applicable based on the value of the Father’s share of the property regardless of whether any money was being paid for it.
Does this sound right given the amount of money being charged?
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
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0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hi Kate
I think it is right as that’s what has happened to friends of ours few years back. It is all about money.
Pav
Are you sure the money is not Solicitor’s fees? I don’t think you should have to pay stamp duty if no money is being charged??
Check into that because if that is the case you can just lodge a Transfer document yourself.
There may not be any charges transfering between family or if its a gift consult your solicitor.
Coreyjay
Hi Kate,
Simon is correct, a few years ago we needed to do this at a cost of $5000 (not happy)
pfp
Hi Kate,
Check with their accountant, your friend’s father might be liable for CGT too!
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