Stamp duty question

[Red Dust]

Hi just looking for some clarity around having to pay stamp duty on selling my share of a property. Situation is that I purchased a house in Dec 2013 with my niece and her partner. I have 50% ownership. House is in Victoria. I now wish to get out of this deal and would be willing to give my share over to my niece without money exchanging hands, however, I know we have to pay stamp duty. My question is this...is stamp duty payable on the full value of the property, or only on my 50% that would be transferring to my niece. If anyone could point me in the right direction I would be grateful. Look forward to hearing from you.

 

[Propertunity]

...is stamp duty payable on the full value of the property, or only on my 50% that would be transferring to my niece.

SD is paid only on the 50% that you are "selling" by way of transfer.

 

[tobe]

Your niece, not you, are liable to pay stamp duty on the 50% they are buying.

Note, even though your not getting any money, it is a CGT event, and CGT may be payable by you.

 

[Terry_w]

Stamp duty is payable on the value of the property transferred.

e.g $1,000,000 property. You own 30%
The stamp duty on the transfer would be $300,000 x x%.

Consider
the effects of deductibilty of interest for your neice
asset protection
loans

 

[Red Dust]

Thanks to all for quick replies. Much appreciated. Terry I am not sure what your comment on 'deductibility of interest' for my niece means...are you able to explain this to me further? Sorry but I'm new to this sort of information.
Thanks...

 

[Terry_w]

Thanks to all for quick replies. Much appreciated. Terry I am not sure what your comment on 'deductibility of interest' for my niece means...are you able to explain this to me further? Sorry but I'm new to this sort of information.
Thanks...

If neice ever rents the property out she won't be able to claim the interest on the portion gifted to her even if there is a loan on it.