Are there any tax implications for the transfer of property title
into joint tenants?
Q.
My mother wants to transfer a half share of her property into my
name. She is an aged pensioner, and does not own any other property
or shares. Are there any tax implications for either of us
regarding the transfer of title into joint tenants?
A.
If it is her own home there should be no tax consequences
because a person's principal residence is free from capital gains
tax. However, as she is a pensioner, the amount of the gift which
is in excess of $10,000 will be treated as a deemed asset for the
next five years and she may lose a substantial part of her pension.
Make sure you seek advice from the FIS people at Centrelink before
you take action.
Each week financial advisor Noel Whittaker answers your
questions.
