In my mind this was a simple process but...
History
1. Purchase block of land with daughter, hubby & myself in 2007.
Hubby & I to own 50% & daughter to own 50%. We paid stamp duty for half the purchase cost, daughter did not as first home buyer.
Lender wanted joint loan in 3 names - so we opened a new joint account.
2. We built a duplex with a new joint construction loan.
- Unit 1 daughters 50%
- Unit 2 our 50%
3. We strata'd duplex into 2 lots thinking Unit 1 daughters and Unit 2 ours
4. What we have ended up with is we own 50% of Unit 1 & Unit 2 and Daughter owns 50% of Unit 1 & Unit 2
5. Unit 2 is rented out as IP and Unit 1 is daughters PPOR
6. Daughter cannot apply for FHOG unless Unit 1 in her name.
Where we are now is how do we do this without incurring costs greater than 7K FHOG?
Issue
All 3 of us may have to pay stamp duty on transferring ownership on both units to each other at improved value and setting up new loans + solicitor costs and lender costs.
Question?
Can I apply for a private ruling to OSR & ATO or does it have to go through Solicitor and Accountant?
I have been talking to our paralegal who has been talking to senior law consultant and lawyer and we will meet to discuss options within next 2 weeks.
We have asked lender to value property as one option is to sell our 50% to daughter [her equity is OK her serviceability will be a problem]
Nothing like a challenge..
Sheryn
History
1. Purchase block of land with daughter, hubby & myself in 2007.
Hubby & I to own 50% & daughter to own 50%. We paid stamp duty for half the purchase cost, daughter did not as first home buyer.
Lender wanted joint loan in 3 names - so we opened a new joint account.
2. We built a duplex with a new joint construction loan.
- Unit 1 daughters 50%
- Unit 2 our 50%
3. We strata'd duplex into 2 lots thinking Unit 1 daughters and Unit 2 ours
4. What we have ended up with is we own 50% of Unit 1 & Unit 2 and Daughter owns 50% of Unit 1 & Unit 2
5. Unit 2 is rented out as IP and Unit 1 is daughters PPOR
6. Daughter cannot apply for FHOG unless Unit 1 in her name.
Where we are now is how do we do this without incurring costs greater than 7K FHOG?
Issue
All 3 of us may have to pay stamp duty on transferring ownership on both units to each other at improved value and setting up new loans + solicitor costs and lender costs.
Question?
Can I apply for a private ruling to OSR & ATO or does it have to go through Solicitor and Accountant?
I have been talking to our paralegal who has been talking to senior law consultant and lawyer and we will meet to discuss options within next 2 weeks.
We have asked lender to value property as one option is to sell our 50% to daughter [her equity is OK her serviceability will be a problem]
Nothing like a challenge..
Sheryn