Transfer Duty - Aggregation

Hi All, Im looking to convert my PPOR to an IP, however to obtain the full tax benefits need to transfer the title to my wifes name. I understand that this will mean I will have to pay Stamp Duty however have worked it into the calculations - all ok. On the same day that I would transfer the title of my PPOR to my wifes name I will also be purchasing a new PPOR which obviously incurs Stamp duty - again ok with this. The problem is that I have been advised that the OSR may look at the two transfers and link them together, aggregate the total cost which would put me into the highest bracket and charge 1 lot of stamp duty for both transactions - this would mean approx $15k more than carrying out two sperate transfers - Any insight, ideas etc on how to aviod this or even if this is correct would be gratefully appreciated
 
Sounds a bit sus, but the obvious Q is: Why do all that on the same day?

Leave the separate transactions for a few weeks or a month apart - it will make so little difference I can't see the issue?:confused:
 
yes agreed that is the most obvious solution, as I would be taking out a new I/O loan on the ppor to convert to IP and also fund new ppor would it be an issue if the title changed names a month after the loan was taken out - would this incur a cost?
 
When you say to get the full tax benefits you'll have to transfer the ppor to your wife's name, what do you mean? Who makes the higher income? I thought it would be something like one party takes out a loan to buy the other person's share, and then the ppor becomes an ip, so that the interest on the loan is tax deductible?

Still don't see why you would have to do it on the same day.
 
I have heard about the OSR aggregating stamp duties, but only on properties next to, or close by, each other. Are they close?

What state are you purchasing in?
 
Do you have to pay stamp duty when transfering ownership of PPOR between spouses in Queensland?

We went through the same thing here in SA and transferred the ownership before we bought the new PPOR and didn't have to pay anything for the transfer. We did however get told that we would have to pay for the transfer if it was done when it was an ip.
 
Top