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Patrick H.
Patrick H., Lawyer
Category: Australia Law
Satisfied Customers: 5420
Experience:  Dip Law LPAB - Sydney based lawyer
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I have property in Melbourne under my and my wife name. i

Customer Question

hi i have property in Melbourne under my and my wife name. i like to do subdivision can i use just my wife name on second property thanks
Submitted: 1 year ago.
Category: Australia Law
Expert:  Leon replied 1 year ago.

Good 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. Please understand this is not legal advise Please understand this is not legal advise but a guide to assist you.

You would have to get a ruling form the ATO about that because it would be a CGT event taking your name off one share and you may have to pay Capital Gains tax.

It may be possible to have one in your name and one in her name after the subdivision but to protect yourself against capital gains tax you need a ruling.

Usually the owners of the one lot when it is subdivided become the owners of the 2 new lots.

I hope this makes sense?

Customer: replied 1 year ago.
Please OPT-OUT
Expert:  Patrick H. replied 1 year ago.

Yes, when you subdivide the property you can assign the parcels differently to the titles under the original property title, but because this may trigger both capital gains tax and/or transfer duty you should check with an accountant, or alternately the ATO and the SRO for CGT and Transfer Duty implications who can be contacted via the links below:

If the overall assignment of title on the subdivided land is equal to the apportionment on the original title, then there may be no tax or duty payable, however, if the subdivision involves some redevelopement or altered shares, then tax/duty may be payable, that is why only a fully briefed accountant or the above government agencies themselves can advise you the actual tax implications.

I trust the above assists.

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