A story from a acquintance.
Abbott and wife have a few joint properties in nsw.
As they discovered that they are liable to pay a huge amount of land tax, they decided to contact land tax office and asked for advice . They made up a few different scenarios so they can make informed decision on which property goes to whom. They asked the land tax office what the amount they are liable for if they choose to have the property title transfered to individual/non-joint ownership as they now know it will reduce a large sums of their land tax bill.
The couple are aware that when the transfer of title occurs one of them will have to pay half of the full stamp duty once again.
The couple was very upset as the officer from land tax office accused them of avoiding paying tax.
They felt it was nothing wrong with their intention as they just want to reduce their expenses/land tax bill.
What do you guys think?
In this situation, would you say this couple was doing the right thing or was avoiding to pay tax.
Please share your opinions
Regards
t
Abbott and wife have a few joint properties in nsw.
As they discovered that they are liable to pay a huge amount of land tax, they decided to contact land tax office and asked for advice . They made up a few different scenarios so they can make informed decision on which property goes to whom. They asked the land tax office what the amount they are liable for if they choose to have the property title transfered to individual/non-joint ownership as they now know it will reduce a large sums of their land tax bill.
The couple are aware that when the transfer of title occurs one of them will have to pay half of the full stamp duty once again.
The couple was very upset as the officer from land tax office accused them of avoiding paying tax.
They felt it was nothing wrong with their intention as they just want to reduce their expenses/land tax bill.
What do you guys think?
In this situation, would you say this couple was doing the right thing or was avoiding to pay tax.
Please share your opinions
Regards
t