Transfer of Property to Wife

Hi, I am hoping some of you may have some experience in this area and can advise on the following...

I have a property in Perth which is our PPR. Unfortunately we got the loan structure wrong, paid off most of the property and now there is minimal to no interest deductibility. We moved out of this property to live in another state 6 months ago and we intend to keep this as an IP.

I am going to be faced with a large tax bill so I would like to transfer this property to my wife who is not working. Does anyone know if this is possible?

Thanks
 
Hi, I am hoping some of you may have some experience in this area and can advise on the following...

I have a property in Perth which is our PPR. Unfortunately we got the loan structure wrong, paid off most of the property and now there is minimal to no interest deductibility. We moved out of this property to live in another state 6 months ago and we intend to keep this as an IP.

I am going to be faced with a large tax bill so I would like to transfer this property to my wife who is not working. Does anyone know if this is possible?

Thanks

Of course it is possible.

You must sell to your wife at full market value and she must borrow to buy the property to claim any interest.

If you don't need to free up cash to pay off the new ppor loan then you could transfer to the wife for under market value or no consideration.

But get legal advice and tax advice as many implications
 
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