stamp duty in Victoria

[aok]

From: Tracy Lee


Hi

I have a question for those investors knowledgeable in stamp duty.

I am in Victoria.

My business partner and I have purchased a property off the plan (50% share each). If I was to take over his share after settlement, am I liable to pay stamp duty on 100% of the market value (bank valuation) of the property?

thank you
Tracy

 

[Kristine..]

Reply: 1
From: Kristine .


>My business partner and I have purchased a property off the plan (50% share each). If I was to take over his share after settlement, am I liable to pay stamp duty on 100% of the market value (bank valuation) of the property? >


Tracy

There have been changes since 1st July, 2001 regarding duties payable in Victoria.

One of the changes allowed transfer of shares of property between spouses / emotive partners. I'm not sure of the full details of this, and whether you have to be tenants in common ie hold undivided shares in the property.

If you are joint business partners, with specific distribution of ownership, it is most likely that the property would have to be valued and stamp duty paid on the value of the share ( ie 50%) to be transferred.

www.sro.vic.gov.au has lots of downloads and links, and of course google can search quite specific queries.

I think I mentioned in a previous post that I have recently emailed an enquiry (on another matter) to SRO, and that a very helpful enquiries officer telephoned me the next day and explained the situation in a very friendly and clear way.

Best to get accurate, reliable and quotable advice before commencing.

Good luck

Kristine