Tenancy in Common question

Discussion in 'Loans & Mortgage Brokers' started by bonanzawealth, 9th Aug, 2015.

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  1. bonanzawealth

    bonanzawealth Well-Known Member

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    If I buy IP with my brother together under tenancy in common, 50-50 share.Then after some years, I'd like to own it 100% under my own name, will there be any stamp duty involved?
     
    bonanzawealth, 9th Aug, 2015
    #1
  2. Terry_w

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

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    Yes
     
    Terry_w, 9th Aug, 2015
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  3. albanga

    albanga Well-Known Member

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    Watch this space and I will update you shortly as my brother and I purchsed together and I am just about to buy him out so need a readjustment on stamp duty. Although we are also subdividing and I am buying him out of the land part which will be quite low so not sure how exactly it will look.
     
    albanga, 10th Aug, 2015
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  4. Terry_w

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

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    It will be a CGT event as well.

    If the plan is to do this for financing reasons then perhaps a 10%/90% share is worth considering as this will lessen the immediate costs - if he has the 10%
     
    Terry_w, 10th Aug, 2015
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  5. albanga

    albanga Well-Known Member

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    Was this directed at myself Terry? If so I think we have had this conversation a few times now :)
     
    albanga, 10th Aug, 2015
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  6. Terry_w

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

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    No it was for Bonza. If she is planning something short term then costs could be minimised. But it depends on the reasons as the profits for the10% holder would also be minimised.
     
    Terry_w, 10th Aug, 2015
    #6