Taxes, Duties and Family Law
Buying a property is a major investment and buying your first property is an exciting milestone. You may be eligible for stamp duty concession. Concessions are available for first home owners, home owners, or first home vacant land. You may also be eligible for the Great Start Grant from the Government.
Exemptions are also available for certain transactions, in which case there is no duty payable. For example, transfers under the Family Law Act.
Are you separated from your partner/spouse? Do you intend to buy his/her share of the house but you are concerned about stamp duty? You can get stamp duty exemption if you finalise your property settlement first and the property is transferred under the terms of a consent order or a binding financial agreement.
The exemption is available even if your partner’s interest in the property is being transferred to you and a third party, or to just a third party, as long as it is transferred under the terms of the consent order or binding financial agreement.
If you can’t borrow, the property has to be sold. The net proceeds of sale can be invested on your and your partner’s behalf or held in a solicitor’s trust account until you finalise property settlement with your partner.
Cornerstone provides you with solid legal solutions. We walk you through the legal process so it is not overwhelming.
CORNERSTONE LAW OFFICES
Level 27 Santos Place, 32 Turbot Street, Brisbane
Suite 36A, 37-59 Bryants Rd, Loganholme 4129
Phone: 1 300 CORNERSTONE (267 637)