Stamp Duty-URGENT help needed

Viewing 4 posts - 1 through 4 (of 4 total)

2cmerich
Participant
@2cmerich
Join Date: 2014
Post Count: 1
March 13, 2014 - 4:23 am
I Have just sold a property in Sydney, and the contracts have just exchanged today. I am anticipating to Settle by Friday next.
I have a burning question and that is relating to stamp duty!
I have a double settlement!
My conveyancer is insisting that I need to pay Stamp duty??????
I have read/heard that because I am not having the property transferred to my name but to "MY" purchaser's name (on the Land Title)
I am not required to pay Stamp Duty!
I would like to ask the FORUM this! can someone point me in the direction by way of a link that does state that I am NOT REQUIRED to pay stamp duty because my name does not get transferred to the Land Title
Please Help URGENTLY
Jacqui Middleton
Participant
@jacm
Join Date: 2009
Post Count: 2,539
March 13, 2014 - 5:02 am
Do you mean to say that you have onsold a property via an option? If so, you are not exempt from stamp duty in all states. This is not my arena of expertise, but I believe you'd be ok in QLD but not in VIC or NSW.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
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VIC Buyers' Agents for investors, home buyers & SMSFs.
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
March 15, 2014 - 11:59 am
2cmerich wrote:
I Have just sold a property in Sydney, and the contracts have just exchanged today. I am anticipating to Settle by Friday next.
I have a burning question and that is relating to stamp duty!
I have a double settlement!
My conveyancer is insisting that I need to pay Stamp duty??????
I have read/heard that because I am not having the property transferred to my name but to "MY" purchaser's name (on the Land Title)
I am not required to pay Stamp Duty!
I would like to ask the FORUM this! can someone point me in the direction by way of a link that does state that I am NOT REQUIRED to pay stamp duty because my name does not get transferred to the Land Title
Please Help URGENTLY
Why are you using a conveyancer??? This is complicated and you need legal advice and that is a huge mistake.
Stamp duty will likely be payable. Look up the duties act for the state the property in. An option over property is a 'dutiable' transaction.
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
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
March 16, 2014 - 2:04 am
I agree with Terry and am at loss why you are not using an experienced Solicitor in this matter.
Getting poor advice may lead to a costly mistake.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender