By Jack Stuk (Principal) and Bridget Hobbs (Lawyer)
Following the release of the 2017/2018 state budget on 2 May 2017, you might be aware that the stamp duty concession currently available on transfers of property (other than the primary residence) between spouses will be removed from 1 July 2017. This tax exemption is most often used in relation to transfers undertaken for financial planning reasons.
Property owners only have until 30 June 2017 to take advantage of this long standing exemption before its removal on 1 July 2017.
If you hold real estate assets for the purpose of investment and/or negative gearing, you should consider whether these assets are held in the most appropriate name if protection of the current or future equity in them is of interest. The current exemption from stamp duty for transfers of the home between spouses or domestic partners remains unchanged, for now.
As part of our estate planning and asset protection services, our Private Wealth Group (Legal) is able to advise clients as to whether a restructure is necessary and to assist in completing a restructure where it is. There are alternatives available if transfers prior to 1 July 2017 are still not viable because of material CGT arising from such transfers.
If you have any questions, or would like to discuss further, please don’t hesitate to contact us on (03) 96673 9877.