Transfering title of home to a spouse

I think that you have to pay stamp duty.  I have read comments about transfers between spouses being stamp duty free but my understanding is that unless there is a property settlement as a result of a marriage breakup there must be stamp duty and potentially CGT paid on any name transfers.

Cheers

K

Probably the salary sacrifice method?

I think most states have exemptions for stamp duty where the property is the main residence and is transferred between spouses – but not for investments properties (unless due to a family court order – consider the tax benefits of divorce?)

Unfortunately you are going to have to pay, one way or another. What you have to work out is if the tax savings into the future outweigh the payment of capital gains tax and stamp duty now. You can't have your cake and eat it too.

Hi god

Just reading the Duties Act 1997 (NSW) while waiting for the RBA announcement.
http://www.austlii.edu.au/au/legis/nsw/consol_act/da199793/

I cannot find anything regarding transfer between spouses being exempt. But I recall reading something recently, maybe it was QLD.

Found some other interesting exemptions

• s96 Transfer by corporation of principal place of residence to principal shareholder or spouse

• s274Transfer of certain business property between family members (eg primary production land)

• s284B Restructuring of unit trust for land tax purposes

• s65(11) Financial agreements No duty is chargeable under this Chapter on a financial agreement made under section 90B, 90C or 90D of the Family Law Act 1975 of the Commonwealth.

If in QLD, have a read of s151 of the Duties Act. It should help you out.

Found it,

DUTIES ACT 1997 (NSW) – SECT 67

Exemptions-transfers to married couples and de facto partners

67 Exemptions-transfers to married couples and de facto partners

(1) No duty is chargeable under this Chapter on a transfer, or an agreement for the sale or transfer, of dutiable property if it is proved to the satisfaction of the Chief Commissioner that:

(a) as a result of the transfer or agreement, the property is or will be held by a married couple or de facto partners as joint tenants or as tenants in common in equal shares, and

(b) the dutiable property:

(i) is land that has erected on it a private dwelling house and was solely or principally used, as at the date of transfer, as the principal place of residence of the married couple or de facto partners, or

(ii) is vacant land and the married couple or de facto partners intend to use it as the site of a private dwelling house to be solely or principally used as their principal place of residence, or

(iii) is shares that confer an entitlement to exclusive possession of a company title dwelling that was solely or principally used, as at the date of transfer, as the principal place of residence of the married couple or de facto partners, and

(c) both the transferor and the transferee are the married couple or one of them or the de facto partners or one of them and no other person is a party to the transfer, and

(d) in the case of de facto partners, the parties to the relationship have lived in the relationship for at least the 2 years before the date of the transfer.

(1A) For the purposes of subsection (1) (b), a private dwelling house may be principally used as the principal place of residence of a married couple or de facto partners despite the fact that it may be partly owned by another person or persons or that it may also be the principal place of residence of another person or persons.

(2) In this section, "private dwelling house" includes a lot within the meaning of the Strata Schemes (Freehold Development) Act 1973 used as a place of residence.

http://www.austlii.edu.au/au/legis/nsw/consol_act/da199793/s67.html

Sorry, I m so stupid.. it mus be NSW legislation as your post…

Thanks terry

Hi Terry,

What happen if my partner buy another PPOR whereas I have my own PPOR.. Can she exempt from capital gain (i.e. buying under her name)?

Thanks