Need advice

Viewing 4 posts - 1 through 4 (of 4 total)

JohannP
Member
@johannp
Join Date: 2006
Post Count: 5
August 30, 2006 - 5:32 am
Hi all.
I recenlty bought a property under a company name wrong idea!!!
Would any one know if i could tranfer the property to my name
im the sole director or this company.
Would any one know if i could get exempt to tranfer it back to my name?
joshadelsa
Member
@joshadelsa
Join Date: 2006
Post Count: 53
August 30, 2006 - 8:38 am
As far as I’m aware JohannP, there isn’t away to exscape transfer cost however best Idea would be to contact a local conveyancer or property solicitor and they will give you the advice you’ll need to make a descision.
Joshua
Investor Finance
[email protected]
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
August 30, 2006 - 12:07 pm
I don’t think you can either, unless the transfer was done in error originally. Just ring the OSR and sus them out over the phone, you never know.
Terryw
Discover Home Loans
Parramatta
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Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
August 30, 2006 - 12:14 pm
Look at this recent QLD case:
Pryke & Ors v. Commissioner of State Revenue [2006] QSC 226 (23 August 2006)
http://www.austlii.edu.au/au/cases/qld/QSC/2006/226.html
The Act states:
DUTIES ACT 2001 – SECT 152
152 Exemption–to correct error in previous dutiable transaction
Transfer duty is not imposed on a dutiable transaction to correct an error in a previous dutiable transaction about the same property if–
(a) no additional consideration is paid or payable; and
(b) the beneficial interests in the property change only to the extent necessary to correct the error.
Are you in QLD?
And Are you the sole shareholder?
If so, you may be able to do it?? Better talk to your lawyer.
Different states probably have similar provisions.
Terryw
Discover Home Loans
Parramatta
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au