topic Re: Stamp Duty in Community Spirit

Stamp Duty

dynogrl — Wed, 14 Aug 2013 22:21:41 GMT

I've got an unusual situation here..... my ex was made bankrupt and the trustees seized his share of our property. To cut a veeery long story short, I have just purchased the trustees interest in the property (for the bargain sum of $4200!! ) I've signed the paperwork so it's all done and dusted. Now my question is do I pay stamp duty? And if I do, do i pay it on the $4200 or on what the property is valued at? I've rung the Office of State Revenue but that was like chasing my tail...the woman I spoke to didn't appear to have a clear answer and her accent was very thick!

Re: Stamp Duty

twinkles**stars — Wed, 14 Aug 2013 22:26:11 GMT

If indeed there is any stamp duty to pay I would expect it be only on the small $4200. You already own your share of the home so nothing to pay on that.

Re: Stamp Duty

azureline** — Wed, 14 Aug 2013 22:28:15 GMT

If you pay stamp duty it is on the amount you paid.

Re: Stamp Duty

dynogrl — Wed, 14 Aug 2013 22:35:45 GMT

Oh I hope that's right! Thanks...

I can afford stamp duty on that amount, but if I have to pay on what the property is valued at (even half) I can't do it. Not sure what I'll do if I get a huge stamp duty bill

Re: Stamp Duty

azureline** — Wed, 14 Aug 2013 22:45:22 GMT

Call Land Titles office. There is also a fee for mortgage transfer and registration but I suspect it will be under $400 total.

It should be correct, it is based on the amount you pay.

Re: Stamp Duty

the_bob_delusion — Wed, 14 Aug 2013 22:50:19 GMT

I have a feeling the story is just about to get interesting.

Re: Stamp Duty

azureline** — Wed, 14 Aug 2013 22:53:16 GMT

Dyno, in Qld, if it is less than $5000 it is exempt for landholders. Not sure what state you are in.

Re: Stamp Duty

the_hawk* — Wed, 14 Aug 2013 22:57:18 GMT

The person who is doing the paper work for the transfer would be the best person to ask

I beieve also that stamp duty is treated different when the transfer is between seperating partners

Re: Stamp Duty

kengillard — Wed, 14 Aug 2013 22:56:30 GMT

This should help.

http://stampduty.calculatorsaustralia.com.au/

Re: Stamp Duty

dynogrl — Wed, 14 Aug 2013 23:30:42 GMT

I'm in NSW

Re: Stamp Duty

dynogrl — Wed, 14 Aug 2013 23:34:47 GMT

Why is that Bob? LOL

Re: Stamp Duty

tulip*place — Wed, 14 Aug 2013 23:52:17 GMT

Think you might need to call Office of State Revenue. Had a quick look

and it mentions that no Stamp Duty payable if transfer from Joint Tennants to Tennants in Common between spouses, but

your situation is different. Let us know dynogirl.

Re: Stamp Duty

dynogrl — Wed, 14 Aug 2013 23:54:51 GMT

I already called the Office of State Revenue Tulip..... very confusing to say the least! No clear answer at all

Re: Stamp Duty

tulip*place — Thu, 15 Aug 2013 00:00:33 GMT

A bit more info:

https://www.afsa.gov.au/debtors/bankruptcy/bankruptcy-overview/information-for-non-bankrupt-co-owners

Re: Stamp Duty

azureline** — Thu, 15 Aug 2013 01:28:23 GMT

@dynogrl wrote:
I already called the Office of State Revenue Tulip..... very confusing to say the least! No clear answer at all

call the land titles office?

Re: Stamp Duty

dynogrl — Thu, 15 Aug 2013 01:59:05 GMT

Thanks Tulip....I had already looked at that link and it has no info regarding stamp duty