Tax Tip 282: Spousal Transfers and Stamp Duty in South Australia

Discussion in 'Accounting & Tax' started by Terry_w, 24th Apr, 2020.

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  1. Terry_w

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

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    Under the South Australian Stamp duty laws there is an exemption available for transfers between spouses of properties that are the principal place of residence. The exemption is not available for investment properties.


    The relevant legislation is s71CB of the Duties Act 1923 (SA)
    STAMP DUTIES ACT 1923 - SECT 71CB


    The requirements allow for

    · One name to both names

    · Both names to one name

    · For market value transfers, or

    · Transfers as a gift


    Note that there are exceptions for transfers between former spouses too.
     
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  2. Paul@PFI

    [email protected] Tax Accounting + SMSF Business Plus Member

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    Isnt this only available on marital / defacto splits ?
    It is also applicable to their former shared home as a consequence if one or both have moved out. (subject to limits)

    I have seen it used for a joint property with a couple who intended to marry and then broke up. The GF agreed to transfer her share of the house to the ex. But land intended for building a new dwelling in any event could be eligible under s71CBA if it complies.
     
  3. Terry_w

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

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    Nope. applies for current spouses too - both married and defacto
     
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