Topic: Burnley Golf Course

Al,

The only way they could add another 9 holes was to make it a pitch and putt course, wait a minute, it already is this…

Topic: Burnley Golf Course

An extra nine holes would be great

Topic: Burnley Golf Course

How could they touch a classic – a pinnacle of architecture.

I must be thinking of a different Burnley… hehe

Topic: Burnley Golf Course

How could they touch a classic – a pinnacle of architecture.

Topic: Transferring House Title

A close mate of mine is having a few financial problems at the moment. He’s about to be audited by the tax department and is sh1t scared about it. He has been married happily for about 16 years and has 4 kids. He is a self employed bloke involved in the property business.

He has asked me about transferring the title of his house into his wife’s name and if by doing so, would the house would be protected if the Tax office comes after him.

I personally have no idea and told him to get some professional advice. Quite clearly, ISG would be the first port of call for ANY professional advice so if anyone has any experience in this matter, your thoughts would be appreciated.

If he’s been a good boy and done nothing wrong/dubious/illegal he should have nothing to worry about. The question should be why is your friend so scared of being audited??? <wink>

Topic: Transferring House Title

Only if there’s a family court order giving one spouse the other spouse’s interest. Or, in NSW at least, where one spouse owns 100% and wishes to give the other spouse part of their interest. When a husband and wife owns jointly and one of them wishes to give their share to the other, then that transfer is liable. Also, in general terms, no real time limit as to how long before a transfer is “safe” from any claims by a liquidator or bankruptcy trusteee.

Topic: Transferring House Title

It takes at least 2 years before the transferred asset is sufficiently protected from bankruptcy proceedings (depending on the State). Talk to a solictor. No stamp duty payable on a marital transfer.

Topic: Transferring House Title

This is also my understanding, I’ve been doing some research for tax optimisation purposes. I’m not going to go down that route, but it is possible to transfer o a spouse without incurring stamp duty costs.

Topic: Transferring House Title

RobJ

Unfortunately, judgesmails is correct. I know ISG may not be the right place for it, but simply put, he should forget about it. Any transfers to his wife (or anyone else) to defeat any potential claims by the ATO would incur wasted stamp duty. He should save this money and better spend on defending any ATO prosecutions (if any after an adverse audit). The ATO may elect to prosecute your mate in the event of any breaches of any of its laws. Or it may issue a diector’s penalty notice (really bad!!) or a tax bill and a penalty. And if he cannot pay, the ATO may elect to bankrupt your mate. If so, the recent transfer to his wife would be “clawed back” or be seen as a transaction to defeat creditors claims and may be undone. Any trustee in bankruptcy (worth his/her salt) would undo any such transactions. He should get in touch with a good lawyer to hopefully negotiate his way through this ordeal.

My understanding is that Stamp Duty is not payable if transferring to a spouse.

Topic: Transferring House Title

RobJ

Unfortunately, judgesmails is correct. I know ISG may not be the right place for it, but simply put, he should forget about it. Any transfers to his wife (or anyone else) to defeat any potential claims by the ATO would incur wasted stamp duty. He should save this money and better spend on defending any ATO prosecutions (if any after an adverse audit). The ATO may elect to prosecute your mate in the event of any breaches of any of its laws. Or it may issue a diector’s penalty notice (really bad!!) or a tax bill and a penalty. And if he cannot pay, the ATO may elect to bankrupt your mate. If so, the recent transfer to his wife would be “clawed back” or be seen as a transaction to defeat creditors claims and may be undone. Any trustee in bankruptcy (worth his/her salt) would undo any such transactions. He should get in touch with a good lawyer to hopefully negotiate his way through this ordeal.

Topic: Transferring House Title

Tell him to buy some lube, he’s about to get it in the arse big time!