QLD Query re stamp duty, one of joint owners giving up rights

[Perp]

A mother gifted her two adult children a property (inter vivos) as joint tenants. One of the children (A) lives in the property. The other, B, moved out because the siblings can't get along. B is having difficulty accessing Centrelink benefits for which they're otherwise eligible due to being an owner of this property, and just wants it transferred wholly to A (no consideration).

My understanding is that no CGT would be payable, as the non-residential sibling lived there initially, and since moving out has owned no other property, so they'd be eligible for the main residence exemption.

What is the situation with respect to stamp duty, please?

 

[Rob Legat - SBPL]

There are no exceptions for the situation. Transfer duty ('stamp duty') will be payable on the transaction.

Given it is a joint tenancy between two related parties:
- A valuation or compliant real estate appraisal will needed, giving a value for the property;
- Transfer duty will be payable on half the value determined under the valuation/appraisal.

 

[Perp]

Perfect, that's what I thought. Thanks, Rob!