Partition agreement Victoria

[perthguy]

Do you have any recommendations for someone to draft me a Partition Agreement (Deed of Partition?) for residential land in Victoria?

Could a Partition Agreement be prepared by a conveyancer or would I need a Solicitor that specialises in Property Law?

I have never had a Partition Agreement prepared before so I have no idea where to start.

Out of interest, I will be building two or three units on a block of land in Melbourne owned 50/50 as tenants in common with my investment partner. If we build two units, I would like to own one at the end and for my investment partner to own one. If we build three units, I would like to own one, my investment partner one and the other with a 50/50 share as tenants in common.

 

[coastymike]

A deed of partition will result in a cgt event. However from a tax planning perspective if at the time of acquisiton the tenanta in common had entered into a properly executed bare trust arrangement prior to the deed of partition there wont be the same cgt issues.

 

[perthguy]

A deed of partition will result in a cgt event. However from a tax planning perspective if at the time of acquisiton the tenanta in common had entered into a properly executed bare trust arrangement prior to the deed of partition there wont be the same cgt issues.

Oh yeah. I really must read this carefully http://www.13wentworthselbornechambers.com.au/barlinpdfs/partitioninglandaugust2010.pdf

 

[coastymike]

I know andrew noolan extremely well. He wrotr that article. He is the person you want to contact.

 

[perthguy]

I know andrew noolan extremely well. He wrotr that article. He is the person you want to contact.

Cheers

..........

 

[Paul@PFI]

Partitioning also has a likely GST impact as the ATO views this as a taxable supply.