Subdivision of Title and Transfer of Stamp Duty

Hi first-time poster and long-time lurker, I am planning to knock down and rebuild a duplex in the Parramatta council.

I have purchased the property with my brother and would like to know what is the best way to minimise stamp duty transfer and have it owned 100% on each side.

If there are any other tips would be much appreciated.

 

partition with each of you owning as bare trustee for the other so that there is no change in beneficial ownership when titles are transferred.

 

I contacted stamp duty nsw and was advised there no stamp duty cost and it is called a partition and only cost $50 each side if the valuation of the property on each side is the same.

FYI for other people doing the same thing.

 

thats what i said above

 

My apologies for the misunderstanding, here is a link to a previously thread
NSW - Duplex title split

Which I found is similar to my questions however the answer is different, were there changes from a year ago?

Thanks

 

No changes in stamp duty or CGT in relation to this. Not sure why you think the answers in that thread are different.

 

I would also take care. While a partition may get a duty concession the GST issues cant be ignored. A partition must be applied for and poor structure at the commencement may mean a exempt transfer isnt exempt and other issues. I would be starting with legal advice prior to acquiistion. That way the proper evidence etc is available.

I have seen plenty of cases where partitioning was refused concessions. Even how loans are structured may play a part