Hot Topic: Does your relative pay stamp duty if you transfer a property to them?

Description

I’m transferring a property to my relative. Do they have to pay stamp duty?

Transcript

Voiceover: 

I’m transferring a property to my relative. Do they have to pay stamp duty?

Presenter: 

The only transfer along these lines that does not attract stamp duty is where someone transfers a property to their spouse or de facto partner. This means transfers to someone who you are legally married to, or to someone with whom you are in a genuine domestic relationship, irrespective of gender, are free from stamp duty.

All other transfers to relatives attract stamp duty even where the property is gifted and no money, or ‘consideration’ is paid. If the property is gifted to a relative – for example to children, brothers or sisters – the duty is calculated on the market value of the property. Where there is consideration paid, the duty is calculated on either the consideration or market value of the property, whichever is greater.