peelsman
21-04-2004, 10:33 AM
Hi folks
I recently transferred my wifes property into my name, that was in her maiden name and purchased before we were married. As im in vic, there was no SD (love and affection??). We obtained a written valuation from a registered valuer so this was "at arms length". She incurs the CGT of course, but that is the only cost. I then get a new loan at the new full valuation and ..voila have produced money out of thin air
My question is someone said to me this may be viewed as tax evasion as im the only income earner in the family and she has no other income at this stage. When I last checked with an accountant they said that as long as your wife is paying CGT on the sell then its just like her having sold it to someone else, she has paid her fair share of tax in this way and that it can be viewed as getting your financial affairs arranged after getting married. Any thoughts?'
HT
I recently transferred my wifes property into my name, that was in her maiden name and purchased before we were married. As im in vic, there was no SD (love and affection??). We obtained a written valuation from a registered valuer so this was "at arms length". She incurs the CGT of course, but that is the only cost. I then get a new loan at the new full valuation and ..voila have produced money out of thin air
My question is someone said to me this may be viewed as tax evasion as im the only income earner in the family and she has no other income at this stage. When I last checked with an accountant they said that as long as your wife is paying CGT on the sell then its just like her having sold it to someone else, she has paid her fair share of tax in this way and that it can be viewed as getting your financial affairs arranged after getting married. Any thoughts?'
HT