Stamp duty exemption/partner transfer/separating

Discussion in 'Legal Issues' started by Dawid, 8th Jun, 2020.

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  1. Dawid

    Dawid Member

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    Hi there ,
    Trying to get things organised ,but bank asking for a stamp duty waiver,
    Contacted revenue NSW ,and land a registry NSW ,
    Been advised I. Will need O"executed Transfer" and now I am bit stuck ,not sure can I do myself (probably not) how can I get this organised ,where to go etc,any advice will be really helpful
    P.s the plan is to remortgage just under my name and pay her share when /if I will be accepted .
     
  2. Dawid

    Dawid Member

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  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker Business Plus Member

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  4. Dawid

    Dawid Member

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  5. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker Business Plus Member

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  6. Dawid

    Dawid Member

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    Is it complicated process ,to handle it myself or that is bad idea and I will need professional help?



     
  7. Dawid

    Dawid Member

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    And how I get m it stamped/marked revenue NSW ?
     
  8. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker Business Plus Member

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    I am not sure how you could do it yourself with PEXA in place. You might also want to get some advice on the various consequences, especially if it is an investment property.
     
  9. thatbum

    thatbum Well-Known Member

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    Do you have consent orders or a BFA?
     
  10. Dawid

    Dawid Member

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    Revenue NSW told me letter explaining our situation will suffice.
     
  11. Dawid

    Dawid Member

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    That not investment property ,just want to stay where I am now .
     
  12. thatbum

    thatbum Well-Known Member

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    Really? The Commissioner is that easily satisfied huh?

    Even if they are, why would you want to do this when they aren't subject to legally binding orders? And you ex could just change their mind?
     
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  13. Dawid

    Dawid Member

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    Shall I hire conveyancor to do the property transfer?
     
  14. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker Business Plus Member

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    Seek legal advice...from a lawyer
     
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  15. Dan L

    Dan L Well-Known Member

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    This is the exemption form from Revenue NSW.
    https://www.revenue.nsw.gov.au/help-centre/resources-library/oda069.pdf
    This form needs to be accompanied by either:-
    * an order of a court made under the Family Law Act;
    * a binding financial agreement made under the Family Law Act;
    * an agreement made for the purpose of dividing matrimonial property as a consequence of the breakdown of the marriage; or
    *a purchase of the property at a public auction held to comply with a binding financial agreement made under the Family Law Act orƒ a court order made under the same Act.

    This will facilitate the stamp duty exemption for the transfer. Paper Transfers are uncommon now with PEXA. Your Conveyancer or Solicitor will need to effect the transfer from joint names to you through PEXA . This will however need to involve both your outgoing and incoming financial institutions to discharge existing joint mortgage and register new mortgage whilst accounting to your spouse the agreed amount to be paid pursuant to your orders or agreement. This all occurs somewhat simultaneously within a PEXA workspace.
     
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  16. Dawid

    Dawid Member

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    Thanks ,that was very helpful
    Thanks again
    P.s can it be done b4 refinance or after or either?
     
  17. Paul@PFI

    [email protected] Tax Accounting + SMSF Business Plus Member

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    I would suggest you stop and seek legal advice. These matters are not trivial and administrative. They are all legal issues. Its like DIY funerals and dentistry arent recommended,
    A private property agreement is potentially not going to satisfy the family court for example and then that may not be consistent with tax law let alone duties. Solicitors can easily advise and support you.
     
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  18. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker Business Plus Member

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    No
    Because the mortgage has to change and removing one owner means a new loan will need to be issued and qualified for.
     
    Last edited: 11th Jun, 2020
  19. bunkai

    bunkai Well-Known Member

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    If this is an IP - that loan may not be completely tax deductible either. e.g. the share from your ex spouse.
     
  20. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker Business Plus Member

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    Yes good point