Hi Guys,
Just wondering if anyone knows what benefits you get from buying a new build, say a house and land package? I have heard that there are tax benefits from buying a brand new property, and one that is under 500’000 you also get the tax benefits, what are these and is it worth the tax breaks?
I’m looking at the following areas:
North Lakes, QLD
Mango Hill, QLD
Redcliffe, QLD
Caloundra, QLDWhat do you guys think?
Thanks
Hi Tiffany
There are no Tax benefits in buying below $500,000 however what i think you are referring to is the Qld Stamp Duty exemption for First Home Buyers.
Course this would not apply if you purchase the property as an investment property.Should the property be used for investment then you can claim both the Depreciation on the internal fixtures and fittings as well as the Capital Allowance on the Construction price. A newer property is likely to have more you can claim than something that is 15 years older however make sure that you dont pay for the Tax benefit.
A Quantity Surveryor can assist you with the appropriate report.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Richard,
Yes, I think thats it, so if I buy a property for 499,999 to live in and keep it for 6 months then I am exempt from stamp duty is that correct?
Hi Richard (or anyone else who could answer)
Capital Allowance on the Construction price- is this only for new properties?
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