Hi All,
My partner and i are looking to purchase a property from a relative and were hoping there was some way of saving on stamp duty.
It is a very old and dilapidated house and we will knock it down and rebuild. If we get the current owners to demolish it and hence, just get sold an empty block, will this save us on stamp duty.
Any suggestions?
Cheers
You will have to pay stamp duty on the market value, so if the house being removed reduces the value then it may save you a few bucks (it could increase the value too, depending on how good the house is).
Other than this, there is not real way to reduce stamp duty other than leaving it in their names – maybe you could do some sort of JV?
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
There may be some stamp duty savings if you buy it as your first home.
Investigate possibilities using the internet according to your state authority (e.g. it would be the State Revenue Office in Vic).
Cheers,
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Hi Terryw and SteveMcKnight,
Thanks for your help.
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