The recent Victorian Budget made a significant change to existing exemption on stamp duty for spousal transfers. The current position is that a transfer of a property from one spouse to another is exempt from stamp duty. From 1 July that will no longer be the case.
Transfers of investment properties between spouses will no longer be exempt from stamp duty and from 1 July stamp duty will be calculated on the current market value of the property.
This means that if you intend to restructure your investment property holdings you need to move quickly to avoid additional stamp duty. If there is a mortgage on the property it could take some time for your bank to consent to any proposed transfer.
If you would like more details on this change please call on (03) 9600 0162 or email:
- Samantha Taylor: samantha.taylor@lordlaw.com.au
- Andrew Lord: andrew.lord@lordlaw.com.au
- Andrew Wilson: andrew.wilson@lordlaw.com.au
