Stamp Duty query: Transfer/ taking off family member

Discussion in 'Accounting & Tax' started by klabat, 4th Mar, 2017.

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  1. klabat

    klabat Well-Known Member

    Joined:
    4th Jul, 2015
    Posts:
    158
    Location:
    Australia
    Hi all,

    Would like to know how to best way to go about this:

    Currently the parents (mum & dad) and my sister are on the title for the PPOR

    Our strategy is to do an equity cash out for three deposits between the siblings.

    My parents can both service the refinance and equity cash out for us

    My sister on the title wants to be taken off the title and purchase a property.

    Does the refinance and cashout to another bank under my parents only; trigger stamp duty?

    Or is there a strategy where we can avoid paying stamp duty but still utilise my sister to purchase a property herself.

    Hope that makes sense

    Thanks PC!
     
    klabat, 4th Mar, 2017
    #1
  2. Terry_w

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

    Joined:
    18th Jun, 2015
    Posts:
    41,892
    Location:
    Australia wide
    Yes stamp duty and cgt.

    Parents should consider buying out sister at market rates
     
    Terry_w, 4th Mar, 2017
    #2