Forum Replies Created
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 of the change in circumstances, or in extreme cases you may have to pay all of the unpaid stamp duty and / or a penalty.
The amount that you would have to pay would depend on the purchase price, the timeframes and the reason for the non-compliance.
Cheers
AdamHi Charlena
Not 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 Revenue within 28 days of selling your house, together with the original stamped Contract. They will reassess the transaction and you will have to pay the difference.
You shouldn't have to repay the First Home Owner's Grant, as you only have to live in the house for 6 continuous months to be eligible for this.
Whoever did the conveyance for you should be able to take care of this. If not, feel free to drop me an email.
All the best
AdamHowdy 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 property.
Maybe your conveyancer forgot to take the Primary Place of Residence concession into account?
Cheers
AdamHi Ciciwx
You'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 the property.
If it's something that concerns you, you could look at structuring your ownership of the IPs for maximum asset protection, and doing what you can to make the IPs unavailable to satisfy a judgment against you.
Cheers
Adammurphyfinancial 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.shtml
I think you'll find, as it is in Victoria, that there is no stamp duty payable on the transfer.
Cheers
Steve Murphy
Not so, I'm afraid.
The exemption only applies if, after the transfer, the land ends up being owned as joint tenants or tenants in common in equal shares.
As PTW wants to transfer the whole property to his wife, no exemption would apply.
Cheers
AdamSounds 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!
Cheers
AdamHi PTW
For 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 bank will release it's mortgage, and your title will be clear. There won't be any change in the ownership of the house however.
Unfortunately, the responses thus far are correct insofar as you can't transfer your interest in the house to your wife without incurring stamp duty in Queensland unless particular circumstances apply.
Congratulations on paying off your loan though!
Cheers
Adam
