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I have a question in relation to stamp duty for Victoria Is

Customer Question
Hello JA: Hello. How can I...
Hello
JA: Hello. How can I help?
Customer: I have a question in relation to stamp duty for Victoria Is this something you may be able to help with?
JA: What state are you in? It matters because laws vary by location.
Customer: Victoria
JA: Has anything been filed or reported?
Customer: No It's a general enquiry If a property is owned 99% - 1% tenants in common, if the 1% owner was to transfer his share to the other, how is stamp duty calculated?
JA: Anything else you want the lawyer to know before I connect you?
Customer: Just my question above please
Submitted: 2 months ago.Category: Australia Law
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Answered in 2 hours by:
9/14/2017
Solicitor: John Melis,
 replied 2 months ago
John Melis
Category: Australia Law
Satisfied Customers: 802
Experience: Principal Lawyer at Legal AU Pty Ltd
Verified

Dear customer, my name is***** solicitor, thank you for using Just Answer, I will assist with your question today. Please allow me a few moments to review your post and I will respond accordingly.

Kind regards
John Melis

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Solicitor: John Melis,
 replied 2 months ago

Dear customer, in relation to your important matter, where there are tenants in common, and one tenant holds 1% and they wish to transfer their share 1% to another person, the stamp duty is calculated on the total value of the property at that time, and only 1 % is payable by the incoming tenant in common on that total stamp duty value. Where this type of transfer occurs it is important to obtain property valuations from a certified valuer at the date of transfer/sale of the 1% holding. A 1% transfer to another person will technically result in a sale and a contract of sale should be used to represent the same for the transaction.

If you would like to discuss this matter further by telephone, I welcome you to request those services.

If you have any further questions, I would be pleased to answer those for you.

Kind regards
John Melis

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Customer reply replied 2 months ago
Thanks for your quick response. What I don't understand is why a contract of sale needs to be drawn for a transfer between the two tenants in common? Can you not do a transfer like this without a contract?
Solicitor: John Melis,
 replied 2 months ago

Dear customer, yes a transfer can be done without paperwork, however, it also may be argued by the state revenue office that the transfer was not at arms length, which could result an investigation and penalties applying.

The best practice is to have a simple contract of sale drawn up with a certified valuation attached for the property, which demonstrates arms length transaction.

This way both parties to the transfer will be protected.

The state revenue office and ATO are connected.

The other matter that needs to be considered in relation to your question is that such transfer may result in a capital gains tax event, CGT, which may result in tax being paid by the transferor.

If you have any further questions, I would be pleased to answer those for you.

Kind regards
John Melis

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John Melis
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