Claim back Stamp Duty in WA

I stumbled across something interesting today = $ for me

In 2011 I settled on a vacant block of land and paid stamp duty at the "General" rate, which is higher than paying it at the "Residential" rate. No problem.

Today I find out that if you build and occupy as your PPOR, you can apply to be reassessed at the residential rate. For me that works out to be worth about $2000! The catch is that you have to do it within 5 years of settlement, or within 12 months of commencing the build (whichever is the later).

Fortunately I still have a few months left to do this.

Anyway I just wanted to share, in case it helps anyone else.

 

Good pickup.

 

I think this is applicable for all land purchases that you then build on - it doesn't have to be PPOR.
Once you have a HIA contract I think you can then apply for the variation.

 

Of course you're correct, it applies to any land with a habitable dwelling built on it.

I was reading the actual application form top to bottom and there's a section there on PPOR (I think it just applies to the concessional rate) . Thus my confusion.

 

Thanks, you'd think that the settlement professionals would pick up on this and let you know.
I'd have definitely remembered if they'd told me!

 

Yeah it is disappointing.

My experience with professionals (mostly) is not the big technical wins - it is dealing with small basic issues that add up long term.

 

Yep. My first accountant (some 15 years ago) didn't tell me I could claim depreciation on my new-build house.

 

Not every professionals will tell people like us

 

I speak to probably 2 PCers a week who say the same thing. Its way too common and really unacceptable. But some people think all tax is the same. Property tax can be very complex. I also speak to people who think you cant claim car use for work because the employer didnt reimburse them or because they didnt keep a logbook.

My # 1 rule with QS reports
Always obtain a QS report for ALL investment property unless
1. The QS or
2. The Tax adviser
says specifically NOT to.

 

I had no idea what a QS report was back then.