land tax enquiry

Hi,

My husband and I have 3 properties. 1 is owner occupied, the other two are investment properties.

IP A - land value is $380K under both of our names. We can't get much depreciation from this property now. No land tax for this property.

IP B - land value is $750K under my husband name. We can get quite a bit depreciation from this property. My husband need to pay thousands of land tax for this property.

We both works and his income is a little more than me.

If we change IP A title from both of our name to my husband name, and change IP B from my husband name to both of our name.

I have questions regarding this:

1, This will enable both us to get more tax return from property B due to negative gearing. Is it right?
2, Will the conveyancer change the title for us?
3, Is this legal to do?

Look forward to hear your thoughts. Thank you,

 

Capital gains and stamp duty?

 

Do we need to pay stamp duty by changing tiles between husband and wife? If we do need to, well, it is not worth the change. Thank you.

 

1. Only if you borrow to acquire a market value transfer. But could be less claims for depreciation. Get tax advice.
2. Yes but need legal advice
3. Not illegal but many things to consider

 

And CGT. Seek legal advice on any SA exemptions (unlikely) for a spouse. Changing owners may stop Div 40 depreciation deductions in whole or part.

 

I think I have a tax tip on the duty exemption in SA. Can't remember off the top

 

I see the recently announced SA land tax law changes have hit a wall. These seemed to be related to grouping for trusts, companies