Hi all, I was wondering if someone could advise on an issue I have.
My business partner and I have bought a property 50/50 in Brisbane. The property is purchased by a joint loan account at CBA, which we pay down our minimum each month, but also pay extra, so 2 accounts are easy to keep track of capital outlayed , and owed. We are still however responsible for each others debt.
The property is on 2 titles, but currently registered as 1 ( I think, I'm not too sure.) My partner suggested the other day that we separate the titles now, before we build, to reduce the stamp duty on change of ownership.
I suppose my question here would be, would this cause a stamp duty event, or is it that we are both owners to both titles, so we are simply demerging?
Your advise/help would be as always, appreciated.
Cheers Wayfarer73.
My business partner and I have bought a property 50/50 in Brisbane. The property is purchased by a joint loan account at CBA, which we pay down our minimum each month, but also pay extra, so 2 accounts are easy to keep track of capital outlayed , and owed. We are still however responsible for each others debt.
The property is on 2 titles, but currently registered as 1 ( I think, I'm not too sure.) My partner suggested the other day that we separate the titles now, before we build, to reduce the stamp duty on change of ownership.
I suppose my question here would be, would this cause a stamp duty event, or is it that we are both owners to both titles, so we are simply demerging?
Your advise/help would be as always, appreciated.
Cheers Wayfarer73.
