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Related parties transaction in Victoria

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  • Related parties transaction in Victoria

Related parties transaction in Victoria

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Elena
Elena
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on ‎22-06-2018 04:23 PM

on ‎22-06-2018 04:23 PM

Related parties transaction in Victoria

I have a file where one brother is buying out the other brother's half share in a property.  The funds for the purchase will be transferred between the brothers.  Can this file be done in PEXA? There is no bank involved.

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Ames
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on ‎22-06-2018 07:58 PM

on ‎22-06-2018 07:58 PM

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Re: Related parties transaction in Victoria

Hi @Elena

 

Yes it can, if it can be assessed in Duties Online (e.g. no water entitlements or sale of business).

 

Both brothers need to be represented by a Subscriber (whether that is one Subscriber in the incoming and outgoing roles, or two different Subscribers).

 

The funds transfer will need to be via a registered source account of a practitioner, if there is no bank involved. So your own trust account, or the PEXA Source Account if you do not operate a trust account.

 

If you're acting on both sides of the transaction, here's some helpful guidance.

 

Please let us know if you have further questions.

 

Ames.

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Ames
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on ‎22-06-2018 07:58 PM

on ‎22-06-2018 07:58 PM

Solution

Re: Related parties transaction in Victoria

Hi @Elena

 

Yes it can, if it can be assessed in Duties Online (e.g. no water entitlements or sale of business).

 

Both brothers need to be represented by a Subscriber (whether that is one Subscriber in the incoming and outgoing roles, or two different Subscribers).

 

The funds transfer will need to be via a registered source account of a practitioner, if there is no bank involved. So your own trust account, or the PEXA Source Account if you do not operate a trust account.

 

If you're acting on both sides of the transaction, here's some helpful guidance.

 

Please let us know if you have further questions.

 

Ames.

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Elena
Elena
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on ‎25-06-2018 09:06 AM

on ‎25-06-2018 09:06 AM

Re: Related parties transaction in Victoria

Thank you Ames.  The funds will not be going through our trust account, they will be transferred between themselves.  Will this be an issue?

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Ames
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on ‎25-06-2018 09:23 AM

on ‎25-06-2018 09:23 AM

Re: Related parties transaction in Victoria

Hi @Elena

 

You’ll need to have sufficient source funds in your trust account to cover stamp duty, PEXA fees and lodgement fees, as these are all paid via PEXA.

 

Ames

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Elena
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on ‎25-06-2018 09:27 AM

on ‎25-06-2018 09:27 AM

Re: Related parties transaction in Victoria

Thank you @Ames

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