You can potentially save thousands of dollars in stamp duty if you read the following guidelines to get the stamp duty exemption for transfer between spouses.
If you transfer a share of your property to a former spouse or de facto partner you are NOT liable to pay stamp duty.
The transferee could also be to a child or children, or to a trustee for the child or children, of one of the parents of the relationship.
This is all under s163B of the Duties Act which provides for an exemption to stamp duty if there is a breakdown of a marriage.
Follow this very easy, step-by-step guide, to ensure that you DO NOT pay the government more money than you should.
You must ensure that the transfer of the property must be by either:
1. A Court Order made under the Family Law Act 1975, OR
2. A binding financial agreement made under the Family Law Act.
You do not need to go to court to get a binding financial agreement.
This exemption applies to both married couples and those who are in a de facto or domestic relationship.
There are a number of factors considered when determining if the parties have a relationship as a couple living in a de facto relationship.
If you require an agreement that will help you get a stamp duty exemption, please contact us now.
The Application for consent orders costs around $3,500 and can be submitted to the courts within a week.
It is normally a much better outcome than being slapped with a stamp duty bill!
Stamp duty on divorce property settlement can be waived.