Title "reset"???

[Becky11]

Hello all – I’m a longtime lurker, first-time poster. Ive found this forum so helpful and I appreciate all the advice people are so willing to offer. I have a query of my own I hope people may be able to help with.

My partner and I are in the midst of subdividing his investment property on which he is joint proprietors with his Dad.

An acquaintance of mine who is a conveyancer told us that when the property is subdivided we will be able to nominate who we want on the title for both properties (resetting the titles he called it). We wish to remove his Dad from the title as he is retired and has no need of the negative-gearing benefits.

Apparently there is no Stamp Duty payable on this (VIC) and we’ll only have to pay the relevant fees to the Land Titles office and any bank charges for restructuring the mortgage papers.

Does this sound correct? I don’t wish to rely solely on this information and thought I’d run it by here before I enlisted an expensive property lawyer!

Thanks

 

[wobbycarly]

I know that Stamp Duty is waived in Vic when transferring between spouses, but I don't believe it applies to other family members. Also can't comment on the specifics of the subdivision (which is obviously the main point here) but would suggest that as this is not a PPOR, then there will also be CGT implications.

An accountant (and there are a few on here) will know.