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is there tax payable on transfer?
changing percentage ownership also results in stamp duty and CGT and new loans etc will be needed. POA won't change anything. A POA involves one person giving another person the power to make contractual and legal decisions on their behalf. If James is sick why doesn he want to change now...- Terry_w
- Post #6
- Forum: Accounting and Tax
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is there tax payable on transfer?
Its a change in ownership = dutiable transaction. No exemption in QLD (from memory) even if the 2 are spouses.- Terry_w
- Post #5
- Forum: Accounting and Tax
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is there tax payable on transfer?
Not that simple. This is a transfer of title. It will trigger both stamp duty and CGT unless an exemption applies. This will be at market rates. Loans will need to be paid out, mortgage discharged and new loan applied for and new mortgage lodged. Generally a conveyancer will be needed and...- Terry_w
- Post #2
- Forum: Accounting and Tax