Question: Why transfer property under a gift deed?
When transferring property to relatives of children, a sales deed can be redundant. Instead a gift deed may be more appropriate.
A gift deed allows you to give away assets as gifts, or transfer ownership of property without any exchange of money. The biggest advantage of a gift is that there are no tax obligations, apart from stamp duty.
The process of registering a gift deed depends on whether property is immovable (eg. real estate) or movable (eg. jewellery). Both require the drafting of a gift deed, but you only need to register it if the property is immovable.
Answered by Ursula Hogben
Ursula is General Counsel at LegalVision. She has over 15 years' local and international investment banking and corporate law experience. Ursula has expertise in capital raising, mergers and acquisitions, information technology and general corporate law. Ursula is an active member of Australia's entrepreneur community and speaks, writes and is interviewed on issues relevant to startups and established businesses.
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