Selling Shares to Family Member and transfer of ownership

[Cashstrapped]

Hi, I had invested in some shares a few years back, unfortunately they have not performed very well so I have decided to get rid of them as I need the money.

Just wondering if it is possible for me to sell them to my sister and then just do a transfer of ownership of the shares, there is no CGT liability as they are worth less than when I purchased so I'm just trying to avoid loosing more money by paying the commission etc. on the sale.

Anyone know if this is allowed?

Thanks

 

[Ravima]

its allowed.

you need a transfer of ownership form, which you should be able to get from registrars, pay the stamp duty and of you go.