Property transfer , will stamp duty apply ?

[joshp]

Hi all ,
my friend recently got given a 2 bed apartment in bondi as a gift from her dad .
To get the apartment transferred into her name does she have to pay Stamp duty... ? Or is there some small title transfer fee that she pays ?

The property was purchased in 2003 by her dad and was an IP . How would I calculate CGT on that.

Any help would be much appreciated .

Cheers ,
Josh

 

[Terry_w]

Hi all ,
my friend recently got given a 2 bed apartment in bondi as a gift from her dad .
To get the apartment transferred into her name does she have to pay Stamp duty... ? Or is there some small title transfer fee that she pays ?

The property was purchased in 2003 by her dad and was an IP . How would I calculate CGT on that.

Any help would be much appreciated .

Cheers ,
Josh

Yes, this is a dutiable transaction calculated at market rates (assmuing Dad was still alive at time of transfer).

CGT would be at market rates

 

[Aaron_C]

All property is dutiable unless there is an exemption like transfer upon death of the owner etc. Both CGT and stamp duty calculations are based on market value of the property regardless of what you actually paid for it.

 

[alexlee]

Noting though that stamp duty will be payable by your friend, but the CG will be taxable to her father.

 

[Terry_w]

It is worth considering just keeping the property in dad's name and letting him will it upon his death = many other issues which also pop up so get legal advice.