Australia Law
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Answered in 10 minutes by:
8/31/2014
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 52,728
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
VerifiedGood Morning
My name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question.
Unfortunately that is correct, because you are giving him the property under Australian law it is deemed sale even though you are not receiving any money.
did you have a solicitor act when you purchase the property and again when you transfer the property into your son's name.
If you are saying that you have not contributed financially to the property and that all expenses and mortgage payments were made by your son there may be a trust position.
All of this would have to be evidenced by paperwork in an attempt to explain and get a ruling in this situation by the Australian taxation office.
There is no avoiding of capital gains tax and stamp duty when you transfer property even if you do not receive any money.
Under the laws in every state and the Commonwealth of Australia the transfer (gifting) is deemed sale at market value.
When you've made the transfer did you have a solicitor acting and did you get information from your account at the time?
My name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question.
Unfortunately that is correct, because you are giving him the property under Australian law it is deemed sale even though you are not receiving any money.
did you have a solicitor act when you purchase the property and again when you transfer the property into your son's name.
If you are saying that you have not contributed financially to the property and that all expenses and mortgage payments were made by your son there may be a trust position.
All of this would have to be evidenced by paperwork in an attempt to explain and get a ruling in this situation by the Australian taxation office.
There is no avoiding of capital gains tax and stamp duty when you transfer property even if you do not receive any money.
Under the laws in every state and the Commonwealth of Australia the transfer (gifting) is deemed sale at market value.
When you've made the transfer did you have a solicitor acting and did you get information from your account at the time?
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