If I purchase a property from a family member do I have to pay ‘ normal’stamp duty and are there ways of reducing this e.g. family trusts?
No way of reducing the Stamp duty payable as it is calculated on the Transfer value but within reason they could agree to sell the property to you at a discounted price.
Whilst in this case the duty maybe payable on the valuation rather than the Transfer price i think if you could support your arguement with a valuation you should be fine.
Richard Taylor | Australia's leading private lender
What Richard says above is correct, the only issue I could forsee in doing this though is if you came to some arrangement in this way you may save some Stamp Duty now but lose out down the track if you should sell it with Capital Gains Tax. Think through the whole process and plans and goals you have for this property before jumping into any decision.
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