THE stamp duty exemption on transfers of property between spouses and domestic partners recently changed. Since the budget announcement earlier this year and with the exception of principal place of residence or relationship breakdowns, the Victoria Government has withdrawn the exemption for payment of stamp duty between spouses and domestic partners.
How might this change affect you? It used to be that investment properties or holiday houses were exempt from stamp duty. However, from July 1, 2017, the exemption no longer applies and stamp duty is payable in respect of such transfers based on the current market value of the transferring property.
What can you do? Consider altering how your asset is being held the next time you pack your bags, fishing rods, and a good book for the weekend getaway. A loop hole is still available for those keen to buy the investment property – have you considered a trust structure? Greenmonts can assist you with creation of your structural needs, whether it be establishing a new structure or restructuring an established entity.
Greenmonts’ service is built around industry needs. Their system is trusted by market leading advisors, lawyers, accountants, and financial planners for all their client’s incorporation services needs. They understand that driving efficiency, improving your bottom line whilst delivering positive outcomes to you and your clients is vital.
If you are considering a trust structure, have queries around your investment structure, or thinking of buying a holiday home, now is the time to seek advice from the team at Greenmonts on (03)9855 2295.