Myself, my brother and my sister in-law are buying a house.
My sister in-law is a British citizen. My brother and I are Australian.
We are buying the house in Queensland and are having issue working out how the stamp duty in this situation works.
I will be living in the house, so it will be my principal place of residence and my first time buying.
My brother and his wife live in England.
We do have a conveyance lawyer but my brother who is a contract lawyer believes their break down is wrong.
Does anyone know how the Stamp Duty in this situation would work?Cheers
It’s fairly basic, there’s calculators available on https://treasury.qld.gov.au/taxes-royalties-grants/duties/index.php where you can punch your numbers in and see.
D.T. | DT Property Management
http://www.dtproperty.com.au
Email Me | Phone MeAdelaide Property Management - whole Adelaide metro
Since one of the owners will be living in the house it may be calculated at main residence rates – but I have not looked up the legislation to confirm.
Are you sure it is a good idea to structure the purchase like this?
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
The calculator does not take overseas purchase into consideration.
The property is being purchased like this simply because the financial situation. We are buying the house for the parents to live in rather then put them into care. Mother going blibd father is early stage alzheimer’s, I’m going to be their carer. We don’t want to have to worry about moving them.
Sorry to hear about the parents.
Will you be paying cash for the property? If you buy it like this have you considered the CGT consequences?
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
Sadly not paying in cash. We are paying 40% deposit. 10 over what we need
Is there any reason why you don’t make the purchase solely in your name, or just your brothers and yours? You should only need 20% deposit maximum if structured correctly.
Corey Batt | Precision Funding
http://www.precisionfunding.com.au
Email Me | Phone MeInvestment Focused Finance Strategist - servicing Australia-wide
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