Hi All,
It's been alittle while since I have come on this site.
I have a burning question and would love your input.
I own 2 units, one that I have a 50% stake with my brother. I need to sell both to purchase a block of land to develop in the future. The dilemma is that brother suggested that if I was to sell both that he would be interested in purchasing the other one off me. That would mean that I would sell the one that we both own (IP) and then he would purchase the other one (my PPOR) off me.
I am worried that in the whole exchange we will have to pay CGT and in his case a further Stamp Duty on the purchase. Between us it could cost us $70,000 which is alot of money.
Does anyone know how to reduce this or is there a way of creating a Trust or Company to be able to transfer property between family members to avoid such big costs.
Regards
John
It's been alittle while since I have come on this site.
I have a burning question and would love your input.
I own 2 units, one that I have a 50% stake with my brother. I need to sell both to purchase a block of land to develop in the future. The dilemma is that brother suggested that if I was to sell both that he would be interested in purchasing the other one off me. That would mean that I would sell the one that we both own (IP) and then he would purchase the other one (my PPOR) off me.
I am worried that in the whole exchange we will have to pay CGT and in his case a further Stamp Duty on the purchase. Between us it could cost us $70,000 which is alot of money.
Does anyone know how to reduce this or is there a way of creating a Trust or Company to be able to transfer property between family members to avoid such big costs.
Regards
John
