Transferring Property to Your Spouse? Is Stamp Duty Payable?
As discussed in our previous article, stamp duty is payable on all property transactions unless a concession applies. In Queensland, when you transfer your home to your spouse an exemption applies and strict requirements must be followed in order to claim the concession.
These requirements include:
- No consideration must be paid – the transfer must be by way of gift;
- You and your spouse must hold the property as joint tenants or tenants in common in equal shares; and
- The home must be the principal place of residence.
If a mortgage already exists over the property, you may need to get your banks consent to transfer or you may be in breach of the terms of your mortgage. If you are planning on transferring property to your spouse, we suggest you speak with one of our Property Lawyers to discuss the process.
Do not hesitate to contact our friendly Property Law team on 07 3808 7777 or send us an email at business@mclaughlinlawyers.com.au.
