Getting around Stamp Duty

Viewing 6 posts - 1 through 6 (of 6 total)

m121180
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@m121180
Join Date: 2005
Post Count: 4
February 2, 2005 - 5:28 am
Is there any way of getting around stamp duty in a vendor financing deal – wrap?
I am in Tas.
Monopoly
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@monopoly
Join Date: 2004
Post Count: 1,612
February 2, 2005 - 5:44 am
Although ignorant of vendor finance/wrap deals, I’d take a lucky guess and say that the ONLY GUARANTEED SURE FIRE WAY OF GETTING AROUND THE “STAMP DUTY” is……
[blush2]DON’T BUY THE PROPERTY??!![blink]
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
February 3, 2005 - 8:35 am
Yes, use a LO instead of a installment contract. This will only delay the payment though.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Monopoly
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@monopoly
Join Date: 2004
Post Count: 1,612
February 3, 2005 - 8:44 am
Sorry,
My understanding was “getting around” stamp duty, as in “avoiding” it altogether. Had you asked for “delaying” well then that’s a different kettle of fish!!!
Cheers,
Jo
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
February 4, 2005 - 12:54 am
Yep, I think the only way to get around it would be never to buy the property.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email me
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
Kiwi-Fulla
Member
@kiwi-fulla
Join Date: 2002
Post Count: 371
February 4, 2005 - 10:46 pm
I have had vendors agree to pay my stamp duty out of dispersment funds at settlement…. This can be done two ways…..
1. Straight out contract notation
2. increase sales price (as long as it will value up) + contract notation that vendor will pay my stamps @ settlement.
“always seek legal advice”