Tax Tip 183 Stamp Duty on the Termination of a Strata Scheme

Discussion in 'Accounting & Tax' started by Terry_w, 17th Sep, 2018.

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  1. Terry_w

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

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    Tax Tip 183 Stamp Duty on the Termination of a Strata Scheme

    Under NSW law if a strata scheme is terminated no duty is chargeable if each owner ends up with the same property to which they held an interest under the strata scheme.


    Example

    X and Y own a duplex which is strata title. This is converted back to freehold title with each of them taking a separate title to their property or the property is converted into one title with each of them owning their original share – 50% each as tenants in common for example.


    S 65(20) Duties Act 1997 NSW

    There would be similar provisions in other states – seek legal advice.
     
    Terry_w, 17th Sep, 2018
    #1