hi all,
1) if a property is owned half half between husband and wife. if one spouse passes away, do we have to transfer the title. will that cost stamp duty in NSW?
2) i own a property for 240K on my name, my parents dont have any income or any home what so ever in australia. they are residents of australia.
if there any way, I could transfer the property on their name?
is the only legal way to do gift? that will incur a stamp duty only right?
but they will not qualify for 7K FHBG right?3) me and my wife earn over 130K a year, have this 240 mostly paid out, any wan anyone would give us loan on my parents name? even if we secure our current home?
investhut
1. Transfers on death are usually exempt.
2. Not really anyway. Gifting would result in stamp duties are market rates. I think they would still get the FHOG and stamp duty discounts.
3. Probably could be done if you were party to a new purchase with them. Don't think they would get a loan on their own for 2 reasons – 1. no income, 2. they would be using someone else's security.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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