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Transferring Shares to someone?

Discussion in 'Shares' started by Crusher, 1st Dec, 2009.

  1. Crusher

    Crusher Well-Known Member

    Joined:
    11th Jul, 2008
    Posts:
    83
    Location:
    Newcastle, NSW
    Just curios if this can be done, and if so - how complicated?

    My dad is looking to offload some of his shares, but instead we'd like to look at transferring some into my name, how does this work? Brokerage? time frames etc..

    Thanks
     
  2. Simon Hampel

    Simon Hampel Co-founder Staff Member

    Joined:
    9th Jun, 2005
    Posts:
    4,619
    Location:
    Sydney, Australia
    You need to do what is called an "off market" share transfer.

    More info on the ASX website here: FAQs about shares at the Australian Securities Exchange

    Note that such a transfer is going to trigger a capital gains event, so your father will still be liable for capital gains tax on any growth in value of the shares (based on the share price on the day of the transfer I believe). Transferring the shares to a family member is not a method you can use to avoid paying this tax :(
     
  3. Crusher

    Crusher Well-Known Member

    Joined:
    11th Jul, 2008
    Posts:
    83
    Location:
    Newcastle, NSW
    Thanks Sim. I'll look into that :)