Stamp Duty

[dynogrl]

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! 

[twinkles**stars]

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.

[azureline**]

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

[dynogrl]

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 

[azureline**]

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.

[the_bob_delusion]

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

[azureline**]

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

[the_hawk*]

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

[kengillard]

This should help.

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

[dynogrl]

I'm in NSW