Exemptions from Stamp Duty – transfers between spouses or former spouses

 

The Stamp Duties Act 1923 outlines a variety of situations where parties will be exempt from paying stamp duty when transferring their interest in property.  Section 71CB of the Act provides an exemption from duty in respect of certain transfers between spouses or former spouses. 

 

This section provides an exemption on stamp duty where it involves the transfer of a shared residence from one partner's name into both names or vice versa. A "Shared residence" refers to the principal place of residence of which both or either spouse or domestic partner is the legal owner. Where a spouse or domestic partner has separated, a "shared residence" refers to the couple's last principal place of residence of which both or either of them was a legal owner.  This exemption does not apply to spouses who are transferring a non-residential property such as an investment property.

 

This exemption to stamp duty payable is not always black and white.  For example, where the property is owned in the capacity of a company or a trust, it is not considered ownership by a spouse or domestic partner.  It is important to see a legal practitioner who can review your current mode of holding and advise on any stamp duty implications when transferring an interest in property.

 

If you are interested in transferring an interest in your property and would like to know whether you are exempt from paying stamp duty, please contact us to make an appointment to see one of our staff at Bambrick Legal today:  

 

 

  • Call us on 08 8362 5269
  • Email [email protected]
  • Fill in our enquiry form here 
  • Visit our office at Suite 12, 15 Fullarton Road, Kent Town SA 5067

 

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