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Yes. Proportionate. The acquirer is assessed. ie : 40% of the transfer duty amount in your example based on the market value would be assessed to the wife. OSR require a current valuation for associate transfers.

Thats the basic strategy. A sole human trustee is common rather than a change to the trustee. CGT yes. Duty no. Also property cant be joint after the event as must be solely owned by the sole human trustee who becomes the sole owner. Land tax considerations for the first (XX?) years of course.

Terry - Might a NSW fixed trust + merger be a strategy ?