Stamp duty exemption/partner transfer/separating

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

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  1. Dawid

    Dawid Active Member

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    I know ,thx for that
    I most likely will do BFA with my ex via legal help
     
  2. thatbum

    thatbum Well-Known Member

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    Why a BFA? Its pretty much worse than consent orders in nearly every way.
     
  3. Terry_w

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

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    and costly too
     
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  4. JetstreamVic

    JetstreamVic Well-Known Member

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    Expect a bfa to cost 10k

    consent orders maybe a fifth or less.

    if you have reached a in-principal agreement, you’re more than half way there.
     
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  5. Dawid

    Dawid Active Member

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    BFA is not DYI I assume?
    What's the best way (effective ) to make it quickly and properly?
     
  6. Terry_w

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

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    You will need 2 lawyers for a BFA - at least.
     
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  7. Dawid

    Dawid Active Member

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    Sorry I meant consent order
     
  8. JetstreamVic

    JetstreamVic Well-Known Member

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    Consent order can be DIY - However given the potential ramifications - 1 think 1k would be a worthy investment

    Have a look at the website - all the forms required are there.
     
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  9. Dawid

    Dawid Active Member

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    Consent order ,thank you
     
  10. Dawid

    Dawid Active Member

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    So you mean to invest 1k at least for legal advice and proof reading etc?
     
  11. JetstreamVic

    JetstreamVic Well-Known Member

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    Yup - even if you draft the minutes yourself. Then get a lawyer to look over
     
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  12. Dawid

    Dawid Active Member

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    What shall I do to avoid/do not trigger CGT?
    Thanks in advance
    DT
     
  13. Terry_w

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

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    apply the main residence exemption or the rollover exemption on the break down in a relationship
     
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  14. Dawid

    Dawid Active Member

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    How?
    As long as I live and do not rent it out do not apply ?,please correct me if i am wrong.
     
  15. Terry_w

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

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    When you lodge your tax return you would not include any capital gains

    But you should seek specific tax advice.
     
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  16. Dawid

    Dawid Active Member

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    Does CGT apply when/if I sell it?
     
  17. Terry_w

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

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    unless an exemption applies the transfer of property is a CGT event.
     
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  18. Dawid

    Dawid Active Member

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    Can I avoid CGT whatsoever ,if I decide to keep and live there and sell it in 2-5 years?
     
  19. Terry_w

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

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    I don't know anything about your situation so cannot comment. If the property has never been income producing there might be a possibility.
     
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  20. Dawid

    Dawid Active Member

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    How long does it take to get consent order/s finalized, NSW resident
    Thanks in advance