Exemptions for Spousal Property Transfers from Stamp Duty in Victoria

If you're planning to transfer property to your spouse or partner in Victoria, you may be eligible for a stamp duty exemption. The Spouse and Partner Exemption is a government initiative that aims to support families and couples in their property ownership journey. In this blog post, we'll explain everything you need to know about the Spouse and Partner Exemption, and how Grand Conveyancing can assist you in navigating the process.

What is the Spouse and Partner Exemption from Stamp Duty in Victoria?

The Spouse and Partner Exemption is a stamp duty exemption that applies to the transfer of property from one spouse or partner to another in Victoria. It's available to married couples, de facto couples, and same-sex couples who are registered under the Relationships Act 2008. The exemption applies to both the principal place of residence and investment properties.

How does the Spouse and Partner Exemption work?

Under the Spouse and Partner Exemption, eligible couples can transfer property to each other without incurring any stamp duty costs. The exemption applies to both the transfer of the property's title and the mortgage that secures the property. However, the exemption doesn't apply to any other costs associated with the transfer, such as legal fees and conveyancing costs.

What are the eligibility criteria for the Spouse and Partner Exemption?

To be eligible for the Spouse and Partner Exemption, couples must meet the following criteria:

• The transfer must be between spouses or partners who are registered under the Relationships Act 2008 or are in a de facto relationship for at least two years.

• The transfer must be of the whole or part of the property.

• The property must be used as the principal place of residence or as an investment property.

How can Grand Conveyancing assist you in the Spouse and Partner Exemption process?

At Grand Conveyancing, we understand that the property transfer process can be overwhelming, especially when it involves a stamp duty exemption. That's why our team of experienced conveyancers is dedicated to assisting you every step of the way. We can help you:

• Determine your eligibility for the Spouse and Partner Exemption.

• Prepare and lodge the necessary transfer documents.

• Calculate any other costs associated with the transfer, such as legal fees and conveyancing costs.

• Provide you with advice and support throughout the process.

FAQ:

Q: How much can I save with the Spouse and Partner Exemption?

A: The amount you can save with the Spouse and Partner Exemption depends on the value of the property you're transferring. However, as an example, if you were transferring a property valued at $500,000, you could save up to $21,970 in stamp duty costs.

Q: How long does the Spouse and Partner Exemption application process take?

A: The application process can vary depending on your circumstances. However, with the assistance of Grand Conveyancing, we can ensure a smooth and efficient process.

Q: Can I still be eligible for the Spouse and Partner Exemption if I'm not married or registered under the Relationships Act 2008?

A: Yes, you can still be eligible for the exemption if you're in a de facto relationship for at least two years.

In conclusion, the Spouse and Partner Exemption is a great initiative that can save eligible couples a significant amount of money when transferring property in Victoria. At Grand Conveyancing, we're here to help you make the most of this exemption and ensure a seamless transfer process. Contact us today to get started.