House of Wealth is now taking instructions on the movement of real property in New South Wales from an individual to a trust, from a trust to another trust, from a trust to a self-managed superfund, from a company to a trust and other variations on same without there being a liability to duty under the Duties Act 1997 (NSW).
NSW No Stamp Duty Transfers
- Thread starter coastymike
- Start date
Could you please elaborate more on this? I was always under the impression if you transfer property from one person/entity to another, stamp duty & CGT was payable. Is this a new change in the legislation?
sounds exciting for spousal sales or sales to unit trust to regear poorly structured PPOR debt 
ta
rolf
ta
rolf
Only for related party transactions. Not new legislation but taking advantage of current legislation.
The Office of State Revenue will be approaching Treasury in the future with a view to amending the legislation to stop it.
As the amending legislation will not be retrospective any transfer of real estate in New South Wales can now be done without incurring a liability to stamp duty.
The Office of State Revenue will be approaching Treasury in the future with a view to amending the legislation to stop it.
As the amending legislation will not be retrospective any transfer of real estate in New South Wales can now be done without incurring a liability to stamp duty.
Hi Coasty,
is that for PPOR transfers or does it also extend to investment property (resi/comm)?
DaveM
It would be stamp duty free yes. but your problem is that you can't move resi property from an individual name to a unit trust and then into an SMSF. it is a breach of the SIS Act. So possible for stamp duty purposes but not possible for SMSF purposes.
Player
It is all types of properties. resi, commercial, ip, ppor, etc
It would be stamp duty free yes. but your problem is that you can't move resi property from an individual name to a unit trust and then into an SMSF. it is a breach of the SIS Act. So possible for stamp duty purposes but not possible for SMSF purposes.
Player
It is all types of properties. resi, commercial, ip, ppor, etc
Based on this, if a property is held by husband & wife, can the property be transferred into a SMSF where there are 3 partied involved with the extra party being the son or daughter?
Also if a husband/wife owned a property 50/50, they could transfer their 50% to their other partner so their partner would own 100% of the property with no tax implications? Am I understanding this correctly?
Also if a husband/wife owned a property 50/50, they could transfer their 50% to their other partner so their partner would own 100% of the property with no tax implications? Am I understanding this correctly?
The Fence
You won't find the private ruling on the OSR website.
You won't find the private ruling on the OSR website.
Redwing
Ive had my time relaxing so back in the game again.
with the growth in how and the demands being put on james we figured it was necessary for new people to come on board to help him out particularly with his new family.
so ive purchased into how and one of the partners there now.
Ive had my time relaxing so back in the game again.
with the growth in how and the demands being put on james we figured it was necessary for new people to come on board to help him out particularly with his new family.
so ive purchased into how and one of the partners there now.
Thanks Coasty.
To determine the deemed capital gain for CGT purposes, does a full blown valuation need to be arranged or would a letter of appraisal from an real estate agent suffice?
