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If you are due to inherit a property under a Will, one of the main concerns that may be on your mind is will you have to pay stamp duty?
The answer depends on the specific circumstances.
If the Will specifically gifts an entire property solely to you, then you will not have to pay stamp duty, as this falls under the “devise in a Will” stamp duty exemption. However, you will still have to pay Title’s Office fees.
Similarly, if you are granted the “residue” of an Estate under a Will, and the “residue” includes a property, then once again there will be no stamp duty payable, just Title’s Office fees.
Alternatively, there are some situations where a gift of property may incur stamp duty.
If two beneficiaries are jointly gifted a property under a Will, however it is decided that the first beneficiary will take the whole property, and the second beneficiary will take cash instead, then stamp duty will be payable on the additional 50% of the property the first beneficiary receives. This is because the Will only envisaged the first beneficiary receiving 50% of the property. As a result, the stamp duty exemption only applies to the transfer of 50% of the property. Title’s Office fees will be still be payable on the full transfer.
Source https://ofrm.com.au/blog/2017/11 ... e-to-pay-stamp-duty |
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