VIC Tenants in Common - Changing Ownership After Lot has been Subdivided?

[adam hill]

Hello,

I purchased a property in Melbourne with my wife as a tenants in common, where I have 20% ownership and my wife has 80%. Now, the lot is going to be subdivided into 3 lots and 3 houses will be built. Therefore, there will 3 titles, one for each house. I wonder if I can change the proportion of ownership once the houses have been built, let's say, for me 50% and my wife 50% for each lot subdivided. I appreciate any assistance with my question.

Thanks in advance,

 

[Rod]

If the wife agrees, yes.

 

[adam hill]

If the wife agrees, yes.

Thanks for your reply. My wife agreed with the changes as we are now unable to claim all the deductions. Could you please let me know if we have to pay Capital Gains tax and stamp duty, if we change the ownership when we subdivide the land and create 3 new titles. Many thanks

 

[Rod]

Check with your accountant. My (limited) understanding is transfers for natural love and affection may not attract tax.