hi
i was wondering if anyone could give me some info re: the stamp duty concession for first home owners in queensland?
i received this concession when i bought my house (settled late feb 2006) but am wanting to rent my house out from early jan 2007. to my calculations, i will be required to pay back about $1000 to the state government as it won’t be my place of residence and it is within the 12mth period i had to live in it to claim the full concession. my question is, now that it will be an investment property, is the $1000 tax deductible?
any help would be great
thanksHi Learning curve 2,
The $1000 you pay back is stamp duty and so contributes to the cost base of the property for CGT purposes. So there is no immediate tax benefit, it only reduces your capital gain if you sell, which may not be an issue anyway if you sell within 6 years.
hope this helps
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