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Transfer of ownership

Discussion in 'Accounting & Tax' started by Elives, 22nd Aug, 2015.

  1. Elives

    Elives Well-Known Member

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    2 scenarios

    1. You own property 400k value in joint names 50/50 out right and transfer ownership to spouse not married/ married

    2. Property is 400k 50k loan in joint names 50/50 change ownership to one spouse not married/married

    How much stamp is do you pay? Do you pay stamp duty on 400k or 50k loan?

    Both scenarios are in qld
     
  2. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    It is based on the value of the share transferred. Loan is irrelevant.

    $200,000 x rate.
     
  3. RPI

    RPI Property Lawyer, Town Planner Business Member

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  4. Elives

    Elives Well-Known Member

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    thanks guys, what if its 90% ownership to one spouse and 10% to the other spouse

    and the 90% was paying out the 10% spouse would it only be stamp duty on the 10%?
     
  5. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    based on the value transferred.
     
  6. Elives

    Elives Well-Known Member

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    Queensland
    ok cool cheers