Stamp duty on partial sale in NSW?

Discussion in 'The Buying & Selling Process' started by kennyboi, 21st Apr, 2018.

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  1. kennyboi

    kennyboi Well-Known Member

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    Hi,

    If I buy 10% of a relative's property (as they have difficulty meeting their mortgage repayments), and the property title changed from single ownership to tenant in common, is the stamp duty based on 10% actual transaction amount, or on full market value as a whole?

    Is there any other considerations I should think about in such a transaction (eg: tax, legal etc.)?

    Thanks
     
    kennyboi, 21st Apr, 2018
    #1
  2. Scott No Mates

    Scott No Mates Well-Known Member

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    Stamp duty is only payable on the market value of the interest being transferred (AFAIK)

    Probably will require a val to justify the purchase price of the interest (and to be able to justify that to the OSR if ever questioned).
     
    Scott No Mates, 22nd Apr, 2018
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  3. Terry_w

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

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    Scott's right on the value being transferred.
     
    Terry_w, 22nd Apr, 2018
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