Latest Accounting News
Reminder on Victoria Property Duties


       


 


Property transfers between spouses and de facto partners in Victoria involving commercial and/or investment properties will incur stamp duty costs at 5.5%.


 


This means that assets that do not constitute a principal place of residence are no longer exempt from transfer stamp duty.


 


A spouse to spouse transfer of the principal place of residence remains exempt from stamp duty.


 


Until 1 July 2017 all transfers of property between spouses was exempt from stamp duty.


 


Commencing business as a sole trader often raises the asset protection concern – so transferring ownership of the family home to the non-business spouse, is a common recommendation of advisers.


 




11th-February-2019