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

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    21st Jul, 2018
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    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!
     
    k-dos, 7th May, 2020
    #1
  2. Terry_w

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

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    Stamp duty and CGT and GST needs to be considered plus loans and mortgages
     
    Terry_w, 7th May, 2020
    #2
  3. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    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
     
    Paul@PAS, 7th May, 2020
    #3