NSW No Stamp Duty Transfers

[coastymike]

Tax Office says that

You can choose to:

- obtain a valuation from a professional valuer, or

- work out the market value yourself using reasonably objective and supportable data, such as the price paid for very similar property that was sold at the same time in the same location.

nothing within the tax law that says it is mandatory to have a formal valuation done. it is a risk vs reward analysis from that point

 

[Terry_w]

Change of ownership would mean new loans would need to be entered into as well, so you may be able to use a bank valuation.

 

[ashes]

Would be interested to hear if this is possible in other States.

 

[DavidMc]

Yes, would love to move a Victorian property or two out of my Hybrid Trust... oh wait!

 

[RPI]

Would be interested to hear if this is possible in other States.

There are some very similar provisions in the Duties acts of QLD and NSW

 

[Terry_w]

Something I just thought of, what happens to the deductibility of interest. Change of ownership will mean new loans being down, but will the interest on these loans be deductible?

 

[coastymike]

There are a range of issues to consider. Cgt, gst and income tax. The benefits must outweigh the costs. The transaction needs to be carefully analysed before.being undertaken.and like everything in tax it may be suitable for some and not others. Only your adviser will be able to determine whether this is the case. Terry without knowing the steps involved in the arrangement it would be impossible for you to determine whether interest is deductible or not. You can discuss with our mutual contact.

 

[Aaron_C]

Would be interested to hear if this is possible in other States.

If it is it won't be for long