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Answered in 3 minutes by:
3/3/2015
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 52,733
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
VerifiedGood Afternoon,
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 yes. You will not only be liable for the stamp duty on the transfer but the company will also be liable to capital gains tax on the sale.
The only time you are exempt from paying stamp duty, is if it is a transfer from a superannuation fund to a beneficiary or with court orders from the family Court or the Supreme Court under a will.
I am sorry but you will be liable for stamp duty at the current market value and the company will also pay capital gains tax for the sale of the property to you even though it is not receiving any money.
This is something that you should discuss with your account as companies pay capital gains tax on the full amount of profit at 30%.
I'm sorry I cannot give you anything more positive.
If there is nothing furtherthank you for using my services.
If I have missed anything, or you have any further questions please let me know
If there is anything else in the future please do not hesitate to ask.
Please do not forget to leave positive feedback.
Regards
Leon
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 yes. You will not only be liable for the stamp duty on the transfer but the company will also be liable to capital gains tax on the sale.
The only time you are exempt from paying stamp duty, is if it is a transfer from a superannuation fund to a beneficiary or with court orders from the family Court or the Supreme Court under a will.
I am sorry but you will be liable for stamp duty at the current market value and the company will also pay capital gains tax for the sale of the property to you even though it is not receiving any money.
This is something that you should discuss with your account as companies pay capital gains tax on the full amount of profit at 30%.
I'm sorry I cannot give you anything more positive.
If there is nothing furtherthank you for using my services.
If I have missed anything, or you have any further questions please let me know
If there is anything else in the future please do not hesitate to ask.
Please do not forget to leave positive feedback.
Regards
Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 52,733
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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