Forums / Property Investing / Help Needed! / And/Or Nominee in South Australia & WA

Viewing 9 posts - 1 through 9 (of 9 total)
  • Profile photo of macminemacmine
    Participant
    @macmine
    Join Date: 2017
    Post Count: 9

    Hi everyone,

    Would someone know if and/or nominee is allowed in South Australia & Western Australia, in that it won’t attract double stamp duty?

    I know that it is accepted in Victoria, and not in Queensland.

    Thank you for your help, anyone! :)

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,110

    It depends on the situation. generally double duty in VIC and in SA. You should seek legal advice before signing any contract.

    Terryw | Structuring Lawyers / Loan Structuring Pty Ltd
    http://propertytaxbook.com.au/
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    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of David HallDavid Hall
    Participant
    @wiggles2
    Join Date: 2014
    Post Count: 64

    You cannot use and or Nominee in WA without attracting stamp duty. The only exemption allowed is within a family eg change from father to a son or from a husband to a wife. This is however at the discretion of the commissioner and should not be relied upon.

    David Hall | Momentum Wealth
    http://www.momentumwealth.com.au/
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    Buyers Agent

    Profile photo of macminemacmine
    Participant
    @macmine
    Join Date: 2017
    Post Count: 9

    Thanks a lot, everyone. It’s much appreciated.

    Profile photo of PetePete
    Participant
    @pjewitt
    Join Date: 2015
    Post Count: 50

    I’ve used “and/or nominees” on-selling 2 blocks of land between signing the contracts and settlement dates here in South Australia, but not sure if what I did is comparable to what you have in mind. As I used an “Assignment of Contract” to sell both blocks, I never got to settlement personally so didn’t have to pay stamp duty (that I recall). Also, this was 9 years ago so things may or may not have changed since then.

    As TerryW wrote best get some legal advice.

    cheers
    Pete

    • This reply was modified 1 year, 7 months ago by Profile photo of Pete Pete.
    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,110

    Pete – did you sell them for more than purchase?

    Terryw | Structuring Lawyers / Loan Structuring Pty Ltd
    http://propertytaxbook.com.au/
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    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of PetePete
    Participant
    @pjewitt
    Join Date: 2015
    Post Count: 50

    Hi Terry,

    Yes I made around 20k between the two. I’ve just edited my previous post, I don’t recall paying stamp duty, but I can’t confirm whether I did or didn’t pay stamp duty (my records don’t go back that far). I’m interested to know if you can clarify for me.

    cheers
    Pete

    • This reply was modified 1 year, 7 months ago by Profile photo of Pete Pete.
    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,110

    My understanding is that such a transfer would result in double duty as essentially it is an onsale

    Terryw | Structuring Lawyers / Loan Structuring Pty Ltd
    http://propertytaxbook.com.au/
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    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,110

    See SDA009 which is a ruling from Revenue SA.
    Look at example 1
    https://www.revenuesa.sa.gov.au/rulings/SDA009.pdf

    Terryw | Structuring Lawyers / Loan Structuring Pty Ltd
    http://propertytaxbook.com.au/
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    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

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