hi All
I have got a off the plan unit which someone is interested buying
I need to know if I still have to pay stamp duty if I sold it before settlement (take into consideration for the sale price)
Also how does CGT determine, is it based on the sale price or the market value?How does the process work with I have paid 5% already
Many thanks all
Just an idea, if the terms of the contract allow it may be possible to sell your interest in the contract to another party such that someone else is responsible for settling the contract at its execution price.
Say the contract is due to settle in 6 months for $500K and you have paid your 5% deposit being $25K, meaning there is still $475K due. You may be able to sell your interest in the contract for say $50K to a buyer who is still required to settle the balance of the purchase price being $475K in 6 months time.
I’m not sure about stamp duty implications, but CGT would be determined on your sale price of $50K less your deposit of $25K if you don’t settle the contract yourself.
You should get some legal and tax advice before doing anything.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
