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Answered in 7 minutes by:
8/29/2012
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 52,712
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
VerifiedGood Afternoon,
The joint-venture partnership using individual names and not a company is that correct?
Good Afternoon,
Can I assume that each of these companies and trust belong to the individuals in the partnership?
Is the essence of this is yes, then you have not only stamp duty to deal with on each of the transfers but also capital gains.
If it had been structured where the trust owned all of them and each individual was a beneficiary under the trust then the trust would be permitted to transfer capital to each of the individuals under the trust deed and there would be no stamp duty payable or capital gains tax.
The capital gains tax would be calculated based on the value of each lot at the time the subdivision and the market value on the date of the transfer.
As they are companies and trusts that on the properties you would not be entitled to the capital gains tax reduction of 50% of individuals are entitled to.
Unfortunately based on the way the structured any transfer will result in capital gains tax implications and also Stamp duty payable by the party that receives the two third share in each lot.
If you deal with the lots as they currently are and sell them for building etc you obtain some tax benefit as it can be argued that the land is trading stock and therefore you obtain a tax benefit. I'm sorry I could not give you anything more positive but in relation to your initial question, the way the property on should be structured you cannot avoid having to pay stamp duty and you could also be liable for capital gains tax.
I hope this is of assistance. If you have any other questions please do not hesitate to contact me.
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Leon, Solicitor
Category: Australia Law
Satisfied Customers: 52,712
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
VerifiedLeon and 87 other Australia Law Specialists are ready to help you
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