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Property Title Transfer Duty Exemptions NSW
Hi all… I am in the process of transferring property title into a NR trust. <div>
</div><div>Mark has recently told me to gift the property into trust for transfer/stamp duty exemption. I have been through Duties Act NSW, specifically Part 7 – Exemptions… and haven’t found any reference to gifting being exempt from transfer duty. I’ve got all other documents together for the titles office including minutes of meeting, affidavit, transaction details etc, but I’m sure I’ll need to present the exemption clause for reference to get the exemption.</div><div>
</div>Has anyone used gifting property into trust as a method of transfer duty exemption?
<div>Also… has anyone had any success with getting transfer duty exemptions of late?</div>
Michael
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3 Replies
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My experience in VICTORIA (State of Tyranny) … I was also thinking of gifting property held in my own name as sole proprietor (so I am the legal owner and beneficial owner) into a Trust where I am a co-Trustee and Beneficiary, so I asked via email to SRO that since there is no change in LEGAL ownership or BENEFICIAL ownership no transfer Stamp Duty should be levied but the State Revenue Office VIC advised that a change in the “capacity” in which someone holds property will trigger a dutiable transaction… I checked, it is written in the Duties Act. Can’t find any exemption for “gifting” in same Act. Mark says QLD has that gifting exemption but seems other States might not…? I haven’t researched other States.
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Yes it could be the case that it’s just qld that offers that gifting exemption. I’ve also approached titles office in nsw with the same question. They are the gate keepers.. I may just have to pay the tax on this occasion unfortunately.
Thanks mate
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If the property is staying in the family , as in a discretionary family trust , where your children are beneficiaries, you shouldn’t have to pay it , if property is actually being sold , it will likely incur stamp duty , I think each state has different requirements , that’s just what I’ve looked up on internet.