Ownership Transfer to wife but house half finished

[ggumpshots]

I bought some land though a deposit was paid in mid 2007.
The settlement of the land in my name was in jan 2008 in Qld.
A residential IP will be completed in September 2008

I want my wife to now own 50% of the property before the house is completed.

The mortgage is in my name only.

What needs to be done and how are costs calculated.
Is any or no stamp duty involved.
Does it matter that my wife and I, are non residents of Australia. This will change next year.

 

[jrc]

Don't forget any CGT implications as well

 

[Raddles]

Hi there
it is possible to transfer 50% ownership to your wife "for love and affection" which should mean there is no stamp duty implications. You will need to get valuations for the property to submit with paperwork for stamping prior to lodging any transfer with the land titles office.
You will need to get your mortgagee's consent to the steps (which is done by a general consent).
As for CGT - you will need some advice from an accountant given the residency situation.
It is doable and your costs will likely be the fees for lodging transfers at land titles and the costs of your conveyancer/solicitor who does the work for you. Also any costs of your accountant. The mortgagee will likely have some costs for producing the title and consenting to the arrangement. They may also require your wife to enter into a guarantee.

It is doable - just a bit of a rigmarole.
thanks