Dear ozbargainers,
My dad is going to give me his car. On the rego for 'registration transer details' what is the minimum amount that I can report the "sale price/market value" so that I pay the minimum stamp duty?
Because its not a sale of a car, its just a father to son transfer.
UPDATE
From the comments: can report under $1000 with comments of changing the engine
Can I report it as a gift?
Any advice greatly appreciated,
Tradiesunited
2001 echo toyota
$1500
how did you come to that number?
ok i got it thanks
You can price it lower than redbook. If they don't agree with the price then they can use redbook price. Try pricing it for $1000 or even lower.
"It needs a new engine"
"upholstery is shot and requires replacing"
Do you know the minimum amount? can i say its $100 since my dad sold it to me cheap?
Nah, they take the value then. You can say that it needs a new engine and drive line and you're doing it as a project.
Still amazes me how much we get taken for a ride by our system of government. Stamp duty on secondhand private sales of vehicles is bad enough, but charging stamp duty on transfers which are essentially gifts between direct family members is farked on a whole other level.
Why not keep it in ur dad name? Cheaper insurance as well
he doesn't want it that way
Year and model ?