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.
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