Hi all I want to buy a block of land in nsw and build a house on it. Its not a house and land package, it will not be my first home, and it'll be a ppor. Which component of the land and building will I have to pay stamp duty on? How about GST? Thanks so much, google is giving me different answers!
Hi there
You just pay stamps on the land.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
thanks so much Jamie.
To calculate the stamp duty, visit osr.nsw.gov.au and search "stamp duty".
You will find that many builders selling home & land packages may consider selling the land and enter into a separate construction contract (thus minimising the stamp duty payable).
thanks for the link Scott! I had a look at the site and came across 'home builders bonus' I got all excited but its expired…haha
The Stamp Duty is charged on the transfer of the title of an asset from one entity to another. I this case there is only the land to be transferred.
However if you had bought a House and Land on one contract then the total value of the transfer would be subject to Stamp Duty.
Modernity Investing
Email MeMark Coburn wrote:However if you had bought a House and Land on one contract then the total value of the transfer would be subject to Stamp Duty.
This is where Victoria has an advantage. House and land or OTP sales have their stamp duty calculated on the value of the property at the time of contract (which in most cases will be land only).
Cheers
Tom
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