Quick question…
If you buy a property with a long settlement and then find another buyer to settle on the same date; are both of you liable to pay stamp duty? Or if you never actually take possession of the property are you exempt from paying?
As times are changing i am looking for ways in which to be creative about making profits from renovations. I am in the Eastern Suburbs of Sydney and with prices and purchasing cost being so high, it would add $20k + to my profit margin each time if i didn't have to pay stamp duty. As interest rates go up and the number of buyers come down i figure i will be in a better position to negotiate more flexible terms. I would like to take on renovation projects where i can renovate and get it back on the market and sold all within my own settlement period. The question is, would i still be liable for stamp duty??? Thanks for your help
You will have to pay stamp duty if you on sell. One possible way around it is to use an option and then just onsel the option. I think you will have to pay stamp duty on the option, but it should be only a much smaller amount.
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
I'm with you Terry – only question is Kiz – how do you take possession for the refurbishment works without 'owning' ie are you renting or have negotiated a longer settlement period with access?
thanks for the replies, i thought that was the case, it may be different in the USA
not easy to make money in this country without the government taking a massive chunk of it…. still, will not give up
not easy to make money in this country without the government taking a massive chunk of it…. still, will not give up 
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