Tax implications unmarried couple buying house in cash

[zenzen]

Any tax implications on the above scenario does anyone know? Couple buying house in cash, 70/30 split, house 60k. Not sure if there would be tax implications immediatly or tax problems if marriage occured at a later date.

 

[Joe_90]

Are they contributing the amount to purchase their share?

 

[zenzen]

Yes one person contributing 70% cash and the other 30% of the cash.

 

[Joe_90]

Are they buying the property 50:50?

 

[Bronte]

Are they buying the property 50:50?

He mentioned it will be split 70:30. I cannot see any tax situation from what is posted.

 

[zenzen]

No as we don't have equal amounts of cash we are thinking of buying a house with one contributing 70% of the money and the other 30% as one doesn't have enough to contribute 50%.

 

[Joe_90]

You're fine, no CAT on purchase.

There is a CAT exemption between married people so if the property is transferred 50:50 after marriage no exposure.