Transferring title between spouses

Viewing 9 posts - 1 through 9 (of 9 total)

allawah
Participant
@allawah
Join Date: 2011
Post Count: 10
July 12, 2011 - 9:13 pm
A quick question: When I transfer the percentage between me and my husband do I have to pay stamp duty tax?
Thanks!
Rowena
bjsaust
Participant
@bjsaust
Join Date: 2009
Post Count: 141
July 12, 2011 - 10:30 pm
Well, technically he does. But yes.
MarJac
Member
@marjac
Join Date: 2010
Post Count: 71
July 12, 2011 - 10:55 pm
Depends on which State and the actual circumstances (PPOR or IP etc) and if already jointly owned, best check with your State Revenue Office or solicitor
In VIC for example S/duty is often exempt if transfering from single to joint proprietorship i.e. 'Love & Affection' transfer for a PPOR
bjsaust
Participant
@bjsaust
Join Date: 2009
Post Count: 141
July 12, 2011 - 11:01 pm
Oh, ok. I stand corrected. I thought even in those cases it still got charged.
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
July 13, 2011 - 12:19 am
Most states allow duty free transfers from one to two names. I think VIC is one of the few that allows two to one name as well.
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
allawah
Participant
@allawah
Join Date: 2011
Post Count: 10
July 13, 2011 - 1:49 am
Unfortunately our home is under both names. So we should be 50% each. We're in NSW. So if my husband transfers 25% to me, ie I have 75% and he has 25%, I will have to pay stamp duty as if I buy it from him right?
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
July 13, 2011 - 1:51 am
Yes, probably.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
colinnewland
Participant
@colinnewland
Join Date: 2006
Post Count: 128
July 13, 2011 - 1:25 pm
You will need o check to see if you own the property as 'Joint Tenanats (with a set %)' or as 'Tenants in Common' with a common interest, no matter what funds were included.
I am not sure if NSW will allow you to change from one to the other at a cost to you. If your moving from TinC to JT (with a stated %) this should be quire easy.
As you are not transfering the property to a 3rd party, I wuld suspect that you will not be charged, other than some admin costs.
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
July 13, 2011 - 1:40 pm
Stamp duty would be payable in NSW as the percentage ownership would be changing.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au