All Topics / Legal & Accounting / STATE SPECIFIC LEGAL ADVICE AND STAMP DUTY

Viewing 6 posts - 1 through 6 (of 6 total)
  • Profile photo of andrew.osandrew.os
    Participant
    @andrew.os
    Join Date: 2010
    Post Count: 12
    February 14, 2012 - 12:08 pm

    Hi all

    Can anyone advise if I buy a property in each state, should I be using a lawyer from each of those respective states to cover the legal piece, or is conveyancing pretty standard across the states so one constant lawyer/conveyancer better?

    Also, can anyone provide any advice on getting stamp duty concessions for an off the plan puchase. My understanding is that regardless of what the advertised price is for the completed property, you only pay stamp duty on what stage the property is at at the time of signing the contract. Does this sound remotely right, and if so, how do I go about illustrating this to the appropriate revenue office to ensure I pay the right amount of stamp duty.

    Thanks guys

    Andrew

    Profile photo of DerekDerek
    Member
    @derek
    Join Date: 2004
    Post Count: 3,544
    February 14, 2012 - 10:26 pm

    Hi Andrew,

    Not all states have an OTP discount on stampd duty. For example Qld and WA determine stamp duty payable on the value of the finished product whereas Victoria used to (not sure if they still do) determine stamp duty on the value of the land andscaling up depending upon when the contract was signed.

    With stamp duty it is certainly not a case of one size fits all states.

    FWIW I would prefer to use a solicitor from the state in which the property is located. Some states have little tweaks that are best known inside the relevant states.

    Profile photo of v8ghiav8ghia
    Member
    @v8ghia
    Join Date: 2005
    Post Count: 871
    February 22, 2012 - 10:50 am

    Hi Andrew,

    Highly recommended to use the solicitor or conveyancer from the state you buy in, as well as cheaper. If you decide to use one you know or use already, they will only end up subbing the task out to someone in the state you buy in, and then add their cut.

    Cheers

    Profile photo of andrew.osandrew.os
    Participant
    @andrew.os
    Join Date: 2010
    Post Count: 12
    February 22, 2012 - 10:57 am

    Sounds good. Thanks for that feed back guys.

    Cheers

    Andrew

    Profile photo of mattstamattsta
    Participant
    @mattsta
    Join Date: 2011
    Post Count: 604
    February 26, 2012 - 11:36 am

    I'd also suggest to use a lawyer from the relevant state, as they would know the nuances of the regional law

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    February 26, 2012 - 11:41 pm

    I am a lawyer and wouldn't even do my own conveyancing in another state. proceedures and laws can be very different between the states – especially in stamp duty.

    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

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

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