Tax Tip 100: Transfers between Spouses and CGT

Discussion in 'Accounting & Tax' started by Terry_w, 20th Mar, 2016.

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  1. Stoffo

    Stoffo Well-Known Member

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    So this would also be applicable in the breakdown of a defacto relationship ???
    (if Isaiah actually paid Mohammad out his 50%)
    (Or John paid out Jane her 50% interest as part of separation)
     
  2. Terry_w

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

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  3. Terry_w

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

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  4. Reggie

    Reggie New Member

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    Well noted.

    ---------------------------------------------------------------------------------------------------------------
    Family Law
     
  5. Hurri

    Hurri Well-Known Member

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    Hi Terry,

    Slightly different situation but still between spouses.

    Isaiah bought a property and used as IP for 10 years.
    Isaiah then marries Mo, they knockdown rebuild the block and both live in it as their Ppor(lets say for the last 2 years).

    Is there any CGT exemption if Isaiah gifts half to Mo, beyond the pro-rata 2 years as MR?
    I understand in QLD it would be stamp duty exempt.
     
  6. Terry_w

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

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    It depends on when the gift was made. There may be a very small partial exemption if the gift is made after establishing it as the main residence.

    Duty could be exempt in QLD if a gift. But this has other consequences down the track
     
    Hurri likes this.

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