Transfer Of Titles

[Cales405]

My mother and her partner (defacto for 16 years, never married and have a daughter together) are seperating and they have two investment properties in QLD in joint names.

Their PPOR is in Mum's partners name only, but contributions to mortgage is evident between both through deposit and income.

Their intention is to sell off PPOR and keep one IP each in QLD by paying off all mortgages.

When they want to transfer titles for IP into single names, do they have to pay stamp duty and CGT?

 

[Raddles]

Hi there
I think you will find that both your mother and her partner will need to enter into a financial agreement which regulates the ending of their relationship - so that they can then produce that document to the office of state revenue in QLD to get an exemption from the payment of stamp duty.
There has been a move to allow defacto couples enjoy the same status as married couples and the capital gains are normally able to be rolled over.
Not sure where they are - but they do need to have an agreement drawn up.
Because they have a daughter - there is a possibility that the Family Court could become involved - particularly if there is any dispute about custody. That would also allow them to have consent orders filed in the Family Court - which do definately allow exemptions for stamp duty and rollover of capital gains - in QLD
So - they both need to obtain informed legal advice.
thanks