Legal Tip 230: Checklist for Transfers between Spouses

Discussion in 'Legal Issues' started by Terry_w, 6th Aug, 2019.

Join Australia's most dynamic and respected property investment community
  1. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    41,667
    Location:
    Australia wide
    An Incomplete Checklist for Transfers between Spouses


    a) Why

    a. Why do you want to do this?

    b. What are you trying to achieve?

    c. How long will it take to recoup costs?
    b) Alternatives

    a. Not doing it

    b. Doing something else instead​

    c) Stamp duty

    a. Is there an exemption?

    b. If you change circumstances will there be an exemption?

    c. Anti-avoidance measures apply?​

    d) CGT

    a. Transfer is a CGT event

    b. Will there be CGT?

    c. Will CGT change going forward?​

    e) GST

    a. Will there be GST on the transfer?​

    f) Income tax

    a. Income from property

    b. Deductibility of interest before and after

    c. Future deductibility going forward

    d. Each owners deductible portion of the loan​

    g) Discharge of Mortgage

    a. Costs of discharging and registration
    b. Costs of Registering a new mortgage​

    h) Loans

    a. Ability to get finance?

    b. Effects on rates

    c. Cost

    d. Who should be the borrowers

    e. Loan amounts

    f. Loan splits​

    i) Advice

    a. Legal
    i. If going to joint,

    1. Joint tenants, or

    2. Tenants in Common​

    b. Estate Planning

    c. Tax​

    i. CGT

    ii. Income Tax

    iii. Anti-avoidence

    d. Credit

    i. Ability to get finance

    e. Documenting it all

    i. Should there be a contract?

    1. Purchase price​

    ii. Transfer

    1. Consideration?

    a. Market value

    b. Under market value

    c. Gift?​
     
    lixas4 likes this.

Build Passive Income WITHOUT Dropping $15K On Buyers Agents Each Time! Helping People Achieve PASSIVE INCOME Using Our Unique Data-Driven System, So You Can Confidently Buy Top 5% Growth & Cashflow Property, Anywhere In Australia