Selling IP within a year, any suggestions?

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

jcar114578
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@jcar114578
Join Date: 2010
Post Count: 13
March 9, 2011 - 8:57 pm
Hi, All
I have purchased an IP Dec last year, soon rented out.
I intended to sell my current house and move into the IP after I have claimed the stamp duty back in July this year.
Are there tax ruling applies? or refund my claimed stamp duty?
Thanks all
jcar114578
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@jcar114578
Join Date: 2010
Post Count: 13
March 9, 2011 - 8:59 pm
I am in ACT btw
jcar114578
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@jcar114578
Join Date: 2010
Post Count: 13
March 10, 2011 - 12:01 am
any opinions?
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
March 10, 2011 - 12:13 am
My friend is doing this. He checked with various accountants and could not find any issues re the claiming of the stamp duty. It seems like a potentially good strategy.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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jcar114578
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@jcar114578
Join Date: 2010
Post Count: 13
March 10, 2011 - 2:58 am
great
thanks a lot!
Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
March 10, 2011 - 5:19 am
Hi Mucy
It's a nice little advantage of investing in the ACT. We're allowed to claim stamp duty in the first year of purchasing the property (in other states, it's deducted from CGT when selling).
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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