All Topics / Help Needed! / Stamp Duty-URGENT help needed

Viewing 4 posts - 1 through 4 (of 4 total)
  • Profile photo of 2cmerich2cmerich
    Participant
    @2cmerich
    Join Date: 2014
    Post Count: 1

    I Have just sold a property in Sydney, and the contracts have just exchanged today. I am anticipating to Settle by Friday next.

    I have a burning question and that is relating to stamp duty!

    I have a double settlement!

    My conveyancer is insisting that I need to pay Stamp duty??????

    I have read/heard that because I am not having the property transferred to my name but to "MY" purchaser's name (on the Land Title) 

    I am not required to pay Stamp Duty!

    I would like to ask the FORUM this! can someone point me in the direction by way of a link that does state that I am NOT REQUIRED to pay stamp duty because my name does not get transferred to the Land Title

    Please Help URGENTLY

    Profile photo of Jacqui MiddletonJacqui Middleton
    Participant
    @jacm
    Join Date: 2009
    Post Count: 2,539

    Do you mean to say that you have onsold a property via an option?  If so, you are not exempt from stamp duty in all states.  This is not my arena of expertise, but I believe you'd be ok in QLD but not in VIC or NSW.

    Jacqui Middleton | Middleton Buyers Advocates
    http://www.middletonbuyersadvocates.com.au
    Email Me | Phone Me

    VIC Buyers' Agents for investors, home buyers & SMSFs.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    2cmerich wrote:
    I Have just sold a property in Sydney, and the contracts have just exchanged today. I am anticipating to Settle by Friday next.

    I have a burning question and that is relating to stamp duty!

    I have a double settlement!

    My conveyancer is insisting that I need to pay Stamp duty??????

    I have read/heard that because I am not having the property transferred to my name but to "MY" purchaser's name (on the Land Title) 

    I am not required to pay Stamp Duty!

    I would like to ask the FORUM this! can someone point me in the direction by way of a link that does state that I am NOT REQUIRED to pay stamp duty because my name does not get transferred to the Land Title

    Please Help URGENTLY

    Why are you using a conveyancer??? This is complicated and you need legal advice and that is a huge mistake.

    Stamp duty will likely be payable. Look up the duties act for the state the property in. An option over property is a 'dutiable' transaction.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    I agree with Terry and am at loss why you are not using an experienced Solicitor in this matter.

    Getting poor advice may lead to a costly mistake.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

Viewing 4 posts - 1 through 4 (of 4 total)

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