Hi,
I've read some post on here about transfering duties between spouse but still not 100% sure.
So my situation is this, my spouse and I have lived in our current home for the past 7 years, we are planning in the future to move to another house and rent out the current one.
The current home is under my spouse name but we want it to be under my name only, I know in QLD you can transfer 50% of your home to your spouse duties free so my questions:
1. My wife transfer 50% of the home to me, no duties paid. Then perhaps later on she transfer the rest of the 50% to me, do we then pay only 50% of the market value for Transfer Duty?
2. After a year we move out and its rented under my name. Any legal problems with this?
I've read some post on here about transfering duties between spouse but still not 100% sure.
So my situation is this, my spouse and I have lived in our current home for the past 7 years, we are planning in the future to move to another house and rent out the current one.
The current home is under my spouse name but we want it to be under my name only, I know in QLD you can transfer 50% of your home to your spouse duties free so my questions:
1. My wife transfer 50% of the home to me, no duties paid. Then perhaps later on she transfer the rest of the 50% to me, do we then pay only 50% of the market value for Transfer Duty?
2. After a year we move out and its rented under my name. Any legal problems with this?