• The place to find the right expertise and make better decisions
  • Find the right expertise
Justin G.
Justin G.
Mascot, NSW
22 Likes
2 Followers

I have a legal question ....If I am buying a Propety from vendor at market value or greater but also made a donation to a charity of the vendors choice are there any legal / taxation issues?

8 years ago

Responses

Justin

If the purchase price paid to the vendor includes the donation, that is, the vendor at settlement of the purchase directs you to pay the charity you will pay stamp duty on the purchase price (which includes the donation); and, the vendor will receive the tax benefits of any donation that was made as they have in effect made the payment via. a direction to pay.

Without knowing the full details of the transaction. I cannot see any legal issues for you, I also don't see any tax benefits and/or issues for you. Is an agent involved in the sale? If not, you may need to satisfy the Office of State Revenue that you have paid a market price when it comes time to pay stamp duty.

If there are any tax issues and/or benefits these are likely to be for the vendor and not you.

Hope that helps.

Comments

Thanks Adam, much appreciated

Your Answer

If you wish to include a video or audio response, you can do this by including links to Youtube, Vimeo or SoundCloud (https://www.youtube.com/watch?v=xxxxxxxxxx OR https://vimeo.com/xxxxxxxxx)

<% error.message %>