A transceiver or RF front end employing a transformer with a low loss transmit/receive (T/R) switch circuit in the ground path. In various embodiments, differential outputs of a power amplifier are coupled to the first winding of the transformer, while the input of a low noise amplifier is coupled to the second side of the transformer via a matching inductor. The T/R switch circuit, which may be a thin oxide CMOS transistor, is coupled between the second side of the transformer and ground. In operation, the T/R switch circuit may be enabled during transmit mode operations of the power amplifier, such that a low impedance path to ground is provided at the input of the low noise amplifier, thereby protecting it from high voltage swings generated by the power amplifier.