Stamp Duty Payable (Subdivision)?

Hi All,
Wondering if anyone could help give me a ballpark figure of what I might need to pay in stamp duty in the following scenario.

Purchased PPOR with my brother for 586k a few years back in Victoria. Stamp duty was roughly 30k of which I contributed 15k.

The property is now about 4 weeks away from being subdivided and at that time I will be purchasing my brother out of the newly created lot and we are selling the existing.

The purchase price of the vacant lot is going to be around the 350k mark. Now given the stamp duty payable on a 350k block is 13k and I have paid 15k already, does that mean I will not have to pay any stamp duty?
I am not confident this will be the case and i will need to pay an adjustment but not sure how this is worked out? I am not sure it matters but the property as a whole has been valued at 900k.

Thanks in advance

 

What you have paid already doesn't matter. Sounds like you will be buying out his share so stamp duty based on 50% of 350k.

 

Oh so it is that simple! I would have thought because I have already paid some stamp duty for that parcel of land (even though at the time it was not subdivided) that it will be taken into account.

So really what your saying is 16k stamp duty and given I already own half then I will need to pay 8k.

Any ideas on how this can be reduced? Legal ofcourse, not saying I purchased it for 150k and paying the rest in cash

 

No, its not half the stamp duty on $350k, but it is the stamp duty on $175,000.

You haven't paid stamp duty already on your brothers half, this is what you are transferring.

 

Oh of course! Feel a bit silly with my previous statement.
So it will be around $5,500.
I can live with that

As always Terry! Thank You

 

Have you look at a partition ??

 

I think both yourself and I have mentioned it to Albanga on many occaisions.