Forums / Getting Technical / Legal & Accounting / Duty and Tax on Adding Name To Property Tittle

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  • Profile photo of YappaYappa
    Participant
    @achyap
    Join Date: 2017
    Post Count: 1

    My father purchased a property in VIC back in 1997, and we are currently considering ways that he could transfer property ownership to me or add my name to the property title at a lower cost.

    My father is a foreigner and I am an Australian Citizen with no property in Australia, from my understanding the property will be viewed as an investment property given my father’s foreigner status, and that it would be subject to CGT and stamp duty either way (transfer or adding name to title)?

    Any advice on our case would be much appreciated.

    • This topic was modified 2 years, 4 months ago by Profile photo of Yappa Yappa.
    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,190

    Changing names is a transfer so duty and CGT will apply – (limited exemptions for main residence etc)

    Terryw | Structuring Lawyers / Loan Structuring Pty Ltd
    http://propertytaxbook.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

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