If you have received property from a deceased estate “in accordance with the terms of the will” you will pay transfer duty at a concessional rate of $50.
"In accordance with the terms of the will " means you’re entitled to the property as the beneficiary (inheriting money or other property) either
If a will is contested, the duty chargeable will be determined based on any court orders made. This is because a court order acts as an addition (codicil) to the will, any transfer made under the orders is considered to be a transfer in accordance with the terms of the will of the person who has died.
The beneficiaries of a will often decide to vary their entitlements.
For instance, one beneficiary may decide to gift or sell part of a property they inherit to another beneficiary. When this happens, the normal rate of transfer duty applies to any part of the property receives that varies from the terms of the will.
If you vary the entitlements under a will this way, you must provide a valuation report as evidence of the value of the property, so that we can assess duty.
Here are some common examples of how transfer duty applies when you vary the terms of the will.
Under the terms of the will, equal shares in the family home are left to Jo and Lee by their parent.
Under the terms of the will a parent leaves a family home and holiday home to Sandy and Alex to hold equal shares in both properties.
You do not have to pay Surcharge Purchaser Duty when you
However you will have to pay Surcharge Purchaser Duty if you receive
Your solicitor or conveyancer can lodge your application for duty assessment when you supply them with the information required including:
Depending on how you acquire the property, you may also need to include: