Duplex - Stamp duty payable in NSW

Discussion in 'Accounting & Tax' started by Lincsus, 7th Jun, 2021.

Join Australia's most dynamic and respected property investment community
Tags:
  1. Lincsus

    Lincsus Well-Known Member

    Joined:
    3rd Jul, 2015
    Posts:
    47
    Location:
    Sydney
    I am buying a block of land with a friend with intention of building a set of duplex and both of us owning one duplex each after construction and subdivision. I understand we don't have to pay stamp duty again as per Section 30. Do we need to do anything in the start when we are buying land? We will be owning the land 50-50 as tenants-in-common. Both duplexes will be on exact half land area.
     
    Lincsus, 7th Jun, 2021
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    42,007
    Location:
    Australia wide
    deed of partition
     
    Terry_w, 7th Jun, 2021
    #2
  3. Lincsus

    Lincsus Well-Known Member

    Joined:
    3rd Jul, 2015
    Posts:
    47
    Location:
    Sydney
    Thanks for your response Terry. Deed of partition will be done when we have built the duplexes and ready to subdivide. Is there anything we need to do when we are purchasing the land in joint names?
     
    Lincsus, 8th Jun, 2021
    #3
  4. Scott No Mates

    Scott No Mates Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    27,255
    Location:
    Sydney or NSW or Australia
    Seek legal & tax advice prior to signing a contract :oops:

    (Don't use a conveyancer in this instance).
     
    Scott No Mates, 8th Jun, 2021
    #4
    Terry_w likes this.
  5. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    42,007
    Location:
    Australia wide
    deed of partition
     
    Terry_w, 8th Jun, 2021
    #5
    Bob_18 likes this.
Free Property Depreciation Calculator

Property Investors! Ready to Pay Less Tax? Estimate how much Property Depreciation you can claim on your Investment Property. Washington Brown's calculator is the first calculator to draw on real properties to determine an accurate estimate.