I signed a contract to buy an off-plan property as my first home 14 month ago in NSW. I already filled in the form to apply for duty exemption. If I cancel the contract and re-sign again, am I still eligible for duty exemption?
You better ask your solicitor this question. In NSW I think stamp duty is payable within 3 months of exchange of contract. So the exemption may have already been applied for? But if you don't settle then you may still be eligible. But then again you are cancelling one contract and signing a similar one for the same property, so they may not allow it as it is just being done in an attempt to get the grant.
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
Thank you, Terryw.
I have another question:
If I buy another established property now and settle before the off-plan one, which is my first property? Is it based on contract date or setter date?It is based on Contract date however will be subject to which one you intend to classify as your PPOR.
Richard Taylor | Australia's leading private lender
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