All Topics / Legal & Accounting / Stamp Duty – QLD

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  • Profile photo of jsawtelljsawtell
    Participant
    @jsawtell
    Join Date: 2007
    Post Count: 57
    July 26, 2007 - 4:56 am

    Hi,

    If I buy a property as an IP, and then 6 months I decide to move into the property, can I request a refund of the difference between stamp duty on IP purchase ($17,775) and stamp duty on PPOR ($11,300)?-  eg = $6475 or a % of this?

    Thanks

    Jason

    Profile photo of Opportunity In EverythingOpportunity In Everything
    Member
    @opportunity-in-everything
    Join Date: 2006
    Post Count: 122
    July 26, 2007 - 10:53 am
    jsawtell wrote:

    If I buy a property as an IP,

    So you buy the property with the intention of making it your PPOR within 12 months of the purchase and only pay to PPRO rate.  Can be relevant if at the time of purchase there is already a tenant in the property.  Good question about the refund though, hope we see a reply.

    Profile photo of raddlesraddles
    Member
    @raddles
    Join Date: 2006
    Post Count: 187
    July 26, 2007 - 11:33 am

    Yes. The general reassessment power in the Taxation Administration Act 2001 can apply. A reassessment of duty will be made to allow the concession only where the occupancy requirements have been or will be met. That is, provided the transferee will start to occupy the property as their principal place of residence within 1 year of their transfer date. Available information: Revenue Ruling DA 2.1 clarifies " occupancy requirements".

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