Transfer Duty, or Stamp Duty, is a fee charged by the Government when you purchase a property. But where a property is transferred because of a divorce or relationship breakdown, it is possible to avoid paying Transfer Duty.
Section 90 of the Family Law Act exempts transfers of property where:
- The property is transferred between a married or divorced couple, as a result of court orders for property settlement under the Family Law Act.
- The property is transfered between a married or divorced couple in accordance with a binding financial agreement/prenuptial agreement or a maintenance agreement made under the Family Law Act.
Section 90WA Family Law Act provides a similar exception for de facto couples.
Section 163B & Section 68 of the Duties Act similarly exempts property transfers where:
- The property is transferred to a party of a marriage as a result of a court order or financial agreement under the Family Law Act, provided that that marriage has been dissolved, annulled or broken down irretrievably.
- The property is transfered to a party of a de facto relationship as a result of a court order or financial agreement under the Family Law Act, where that relationship has irretrievably broken down.
- The property is transferred to a child of a marriage or de facto relationship (or a trustee of that child).
Claiming an Exemption
To claim an exemption, you will need to satisfy Revenue NSW that the transfer falls within the relevant exemption.
- You will need to satisfy Revenue NSW that the transfer is a result of a relationship breakdown; AND
- Provide Revenue NSW with copies of the relevant court orders or financial agreement.
DISCLAIMER: The information provided above is published for general informational purposes only and is not intended to be nor should it be relied upon as a substitute for legal or other advice.