All Topics / Legal & Accounting / Stamp Duties

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  • Profile photo of charlenacharlena
    Participant
    @charlena
    Join Date: 2009
    Post Count: 4
    July 20, 2009 - 7:49 am

    Hi   We purchased a property in November last year.  recieving the first home owners grant and stamp duties exemption.  We are now selling our home .   Will we need to pay the stamp duties back because we have been living in our house for less than a year?

    thanks

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    July 20, 2009 - 8:47 am

    Don't think so. I haven't heard anything like this before. You could ring the OSR to check

    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

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    July 20, 2009 - 11:06 am

    New one to me also.

    Richard Taylor | Australia's leading private lender

    Profile photo of Adam LaytonAdam Layton
    Participant
    @adam-layton
    Join Date: 2009
    Post Count: 7
    July 21, 2009 - 2:59 am

    Hi 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
    Adam

    Profile photo of charlenacharlena
    Participant
    @charlena
    Join Date: 2009
    Post Count: 4
    July 21, 2009 - 3:31 am

    Hi

    I rang the conveyancers this morning.  If It is sold within the 1st year payment of stamp duties will need to paid back at a pro rata
    rate.   So looking at three months about 2,500

    is this your opinion also?

    thanks

    Profile photo of Adam LaytonAdam Layton
    Participant
    @adam-layton
    Join Date: 2009
    Post Count: 7
    July 21, 2009 - 4:14 am

    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
    Adam

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

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