Taking spouse off title

[fredo]

Has anyone had experience with this
My friendly bank manager states that I have to refinance to get the loan into my name only as it is currently in njoint names

There will be no stamp duty payable on this transfer
Could this be an option to bring the property into the family trust without having to pay stamp duty

Regards Fredo

 

[Jas]

They could be tlaking about the love and devotion laws. In which case it only applies between spouses (or divocring couples)

Jas

 

[Aceyducey]

They could be tlaking about the love and devotion laws. In which case it only applies between spouses (or divorcing couples)

To clarify, legally you're not allowed to love & be devoted to your property trust.

Cheers,

Aceyducey

 

[rambada]

Just in the process of the same ourselves.

Put IP into trust and stamp duty is due. Between spouses, fill in a form and submit it, no SD payable. (Qld anyway)

We chose the later for a variety of reasons.

 

[Peter 14.7]

Just in the process of the same ourselves.

Put IP into trust and stamp duty is due. Between spouses, fill in a form and submit it, no SD payable. (Qld anyway)

We chose the later for a variety of reasons.

I didn't think you could do this without SD. Any comments for NSW?

Very keen to do.

Peter 147

 

[geoffw]

I didn't think you could do this without SD. Any comments for NSW?

Peter,

My reading of Rambada's post is that SD was payable if they put it into a trust. They were only exempt if it was an interspouse transfer only.

My understanding has always been that a transfer of a property under personal names into a trust triggers Stamp Duty as well as Capital Gains Tax. Otherwise I would have put all my properties into a trust.

 

[skater]

Ditto what Geoffw said.

 

[Peter 14.7]

Sorry Guys , I think I have not made my intentions clear.

I want to consider transfer person to person (Not trust) , me to wife, with no SD in NSW.

Is your advice the same?

Peter 147

 

[djsherly]

My understanding has always been that a transfer of a property under personal names into a trust triggers Stamp Duty as well as Capital Gains Tax. Otherwise I would have put all my properties into a trust.

If it's your PPOR being sold to the trust, I can't see a reason why CGT would apply. Only stamp duty.

Cheers,

Chris.

 

[keithj]

Has anyone had experience with this
My friendly bank manager states that I have to refinance to get the loan into my name only as it is currently in njoint names

There will be no stamp duty payable on this transfer
Could this be an option to bring the property into the family trust without having to pay stamp duty

I'd say your friendly bank manager is right when he says there is no SD on the refinance of mortgage, but wrong about SD on the transfer of title (which is the expensive one).

But I'm not an accountant....

 

[geoffw]

If it's your PPOR being sold to the trust, I can't see a reason why CGT would apply. Only stamp duty.

OK, fair point. I forgot the PPOR bit.

 

[BV]

Ok
so Stamp duty is payable for the amount equal to spouce's 50%
but what is the simplest and low cost method of transfering the tittle?
Has anyone done this before?
cheers