Property Ownership Modification Guide

Summary

In Victoria, altering property ownership from a 50/50 to a 1/3 and 2/3 basis may result in stamp duty charges. Specific exemptions or concessions might apply, but they are limited. It is advisable to consult with a property lawyer or tax advisor for detailed guidance.

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I have a case of tenant in common *% /*% basis property ownership between the smssf super and its benefitary individual.The intention now is to updating the property ownership into a */* and */* basis to the super. Can this action be done without the following : *) not to incur stamp duty and avoid buying from the super by the individual?
Hi Chriswin! To better assist you, can you confirm if the property is located in Victoria? The rules around stamp duty can vary by location.
Yes
Thanks for confirming. In Victoria, modifying property ownership can have stamp duty implications. Here are some general points:
- Transferring property ownership can attract stamp duty.
- Certain exemptions or concessions may apply, but they are specific and limited.
- Consulting with a property lawyer or a tax advisor is recommended for detailed advice.
Would you like to be connected to a local lawyer to assist further?
No thanks for now
Case Rating: *
If you have any further questions or need more detailed advice later on, feel free to reach out. Good luck with your property issue!