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Answered in 6 minutes by:
8/11/2010
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 52,712
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
VerifiedChat Conversation Started
Leon Rizos :
if the settlement is done by court orders or by Binding financial agreement under the family Law Act there is ano CGT as it is rolled over.
Leon Rizos :
if it is done privately as a sale and not in accordance with the Family Law Act then yes you have to pay CGT and also Stamp Duty on the transfer.
Leon Rizos :
http://www.ato.gov.au/taxprofessionals/content.asp?doc=/content/59466.htm&sf=1
Leon Rizos :
this is the information from the ATO
Leon Rizos :
I hope this is of assistance
Customer:
The agreement will be informal. Do I have to pay the full CGT or is the liability at least shared? I also assume that if I pay stamp duty it will be on half the value of the property.
Leon Rizos :
you will pay stamp duty and CGT if it is informal
Leon Rizos :
He will pay CGT on the half share he transfers to you and you will pay the Stamp Duty on the half share you receive.
Leon Rizos :
he is selling and therefor liable for the CGT
Leon Rizos :
you are not selling your half share so there is no CGT
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 52,712
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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