NSW - Duplex title split

Discussion in 'Legal Issues' started by k-dos, 7th May, 2020.

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  1. k-dos

    k-dos New Member

    Joined:
    21st Jul, 2018
    Posts:
    3
    Location:
    Sydney
    Hi everyone,

    Long story short, cousin & I bought a PPOR &knocked down and rebuilt a duplex. Now we are thinking about subdividing the land. Is there a way to change the ownership so one of us own the subdivided land 100% (say I own block A & he owns block B, no 50/50 on each block).

    Been advised have to do the title transfer (stamp duty:(), is there a way I can do in the subdivision process?


    Appreciate your reply. Many thanks!
     
  2. Terry_w

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

    Joined:
    9th Jun, 2006
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    30,857
    Location:
    Australia wide
    Stamp duty and CGT and GST needs to be considered plus loans and mortgages
     
  3. Paul@PFI

    [email protected] Tax Accounting + SMSF Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    15,124
    Location:
    Sydney
    You poorly planned this for sure. All this should have been advised far earlier. Partitioning could have been a issue. Now it's basically a transfer between each other with many issues as Terry said. A costly change of mind