I am the sole mortgagor of our family home/ primary residence.
Can I add my children to my property title? Tax free? Stamp duty Payable?
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If you are eligible for the main residence exemption then there would be no Capital Gains Tax (CGT). See link on main residence.
Even though it is not a sale, any disposal or transfer of an asset is a possible CGT event.
Stamp duty is a state tax, nothing to do with the ATO. Check with your relevant state authority.
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If you are eligible for the main residence exemption then there would be no Capital Gains Tax (CGT). See link on main residence.
Even though it is not a sale, any disposal or transfer of an asset is a possible CGT event.
Stamp duty is a state tax, nothing to do with the ATO. Check with your relevant state authority.
OMG, there are so many reasons why you might NOT want to do this.
You really should have a meaningful discussion with an experienced accountant.
Ask your friends or colleagues to recommended a good Chartered Accountant, CPA, or Chartered Tax Adviser.
S/he can describe and discuss the many relevant taxing issues, and help you conclude good outcome/s.
Don't forget that any "free advice" you receive in this forum, is worth what you paid for it, ie nil (GST included).
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