VIC Property Law - Sibling Gifting Portion of Holiday House?

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Eve

Member
11 October 2018
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0
1
Hi,

My brother wishes to gift me 50% of a property (not his main residence). It was purchased in 1997/1998 and is used as a holiday home by our families (it has never been a tenanted property). It was purchased for $78,000 at the time is worth about $500,000 now.

I am aware that I would have to pay SD on my share.

My question is, would my brother be required to pay CGT on the portion of the property he's gifting to me? If so, how much could he expect to pay and is there any way we could avoid this under Property law?
 

Rob Legat - SBPL

Lawyer
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16 February 2017
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Gold Coast, Queensland
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I'd suggest an accountant would be better placed to give advice on this than most lawyers.
 

MABLaw

Active Member
12 February 2018
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Ringwood
www.mablawyers.com
It sounds like the sale would trigger a CGT event. The pre-CGT exemption date is in September 1985. In order to get an estimate of how much it would be, you can Google "CGT Calculator". Other than that, I agree with Rob and Accountant would be the better person to speak to.
 

Tim W

Lawyer
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28 April 2014
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Sydney
It sounds like the sale would trigger a CGT event. The pre-CGT exemption date is in September 1985. In order to get an estimate of how much it would be, you can Google "CGT Calculator". Other than that, I agree with Rob and Accountant would be the better person to speak to.
Agreed.
What is the context of this gift?
Is it even his to gift?