Natural Love and Affection

[skpurvis]

Hi guys

Does anyone know precisely how the "Natural Love and Affection" can be used to change the % ownership ongoing of a property between partners.

I know that this can be done to transfer the title (or a % of the title) of a property to a partner, but can it be done ongoing year after year to change the % depending on circumstances.

I have struggled to find anything online about it

cheers

Stewart

 

[buzzlightyear]

Stewart, the relevant State Revenue Office website should have this information. What state are you referring to?

 

[Raddles]

Hi there
yes agree with Buzz you need to contact the relevant OSR office.
I think you will find however - the natural love and affection exemption can be used once to introduce a new spouse to ownership of a property.
Any more than that and there is a suggestion of abuse and I would suggest that ad valorem stamp duty would be paid on any subsequent transfer percentages.
thanks

 

[jrc]

Depending onthe property there are likely still to be CGT implications