Not necessarily. When you advise OSR of the change you also have to set out the reasons why you haven't complied with the concession requirements. (e.g. Sickness, financial difficulties, etc). Depending on the reason for the non-compliance you could be reassessed on a pro-rata basis, you may or may not have to pay Unpaid Tax Interest from the date…[Read more]

Hi CharlenaNot sure which state you're in, or if it makes a difference, but in Queensland at least you would be reassessed for stamp duty at the full investment rate. You have to live in your home for 1 year after settlement to be eligible for the home or first home stamp duty concession. You will need  to submit a form to the Office of State R…[Read more]

Howdy AAQ,Transferring the property for "love and affection" is basically gifting it. Unless you meet the criteria for the exemption it makes no difference what form of words you use for the consideration (i.e. an actual figure, "By way of gift" or "natural love and affection"). You still have to get an appraisal and pay duty on the value of the…[Read more]

Hi CiciwxYou're talking about insuring yourself against adverse judgments by a Court. I'd be surprised if you could get insurance for that – the risk would be too high for most underwriters I suspect. An insurer could certainly pursue you if there was some sort of negligence or deliberate conduct on your part which contributed to the damage to…[Read more]

murphyfinancial wrote:
Hi PTWCheck out the following item on the Office of State Revenue website…Just copy and paste this to your web browser:http://www.osr.qld.gov.au/duties/transfer-duty/exemptions-and-concessions/home-or-property-owner-exemptions.shtmlI think you'll find, as it is in Victoria, that there is no stamp duty payable on the…[Read more]

Sounds terrifying. I suspect that you would get nabbed under the anti-avoidance provisions of the Duties Act, unfortunately, but the prospect of a divorce, property settlement and remarriage makes paying stamp duty sound cheap anyway!CheersAdam

Hi PTWFor the sake of clarity – your house isn't in the bank's name just because they hold a mortgage over it. The house would already be in your name, or your wife's name, or most likely both if you have a joint loan facility. The bank's mortgage is registered on the title to the house securing the money loaned. Once your mortgage is repaid the…[Read more]