Browse Forums Home Finance Re: Transfer of Title to Children subject to Stamp Duty and CGT? 2Mar 03, 2009 1:44 pm Do you mean you are transferring the title at no cost to your child - in other words, giveing them the property?
Depending on the current use of the property - is it currently an investment property or your own residential property? If it is your own place of residence there will be no CGT, any more than selling a residential property to anyone else but if it is an investment porperty I think you will. 12 months age we sold a unit to our son, which we had held for 6 years as an investment unit and we have to pay CGT. We sold it to him for a discounted price, but we were warned we could have to pay extra CGT if we sold it too low - tax dept could smell a rat and suspect the official selling price was lower than the actual transaction price and we were just trying to avoid CGT. We were told to not sell any lower than the govt office valuation - ie the one that appears on your water rates - these are notoriously conservative, we sold it to him at 6,000 over that which was still 30 - 40 K under market value. Stamp duty is paid by the buyer or the reciprient, not the seller/previous owner. In SA first home buyers have exemptions from some stamp duty so son did not have to pay much; FHOG, then 7,000, went towards this and covered most of his stamp duty and administrative fees. Am I answering any of your question?? Flamingo Give me a call and I will do my best to talk you through it. For those who would like an answer, Subject to seeing your actual DA condition, I think you are… 1 3905 I recently went through a similar renovation and move scenario when updating our family home. We also swapped some rooms around and tackled a major… 2 3664 nothing to do with salespeole. you'd do well to read and ccomprehend the post before bashing away at the keys with some negative comment again. 4 5033 |