Related/Non-Related Party Transfers
What is a related Party Transfer?
A transfer of property or a partial share of property to a related party is known as a related party transfer. Related parties may include individuals in personal or business relationships, spouses, or family members.
Some instances of related party transfers may comprise of:
- Transfers between spouses where one spouse is added on title.
- Refinancing where a change of ownership between related parties is required to obtain finance.
- Property settlement due to a divorce or de facto separation.
- Transfers between family members as a gift or below market value.
- Deceased estates where a property is transferred to a beneficiary.
Is stamp duty charged on related party transfers?
Generally, stamp duty is NOT payable on the transfer of shares between husband and wife on their principle of residence and transfer of shares between husband and wife due to separation. Apart of that Stamp Duty is attracted on almost all other type of transfers.
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