FHOG/Stamp Duty Reduction Question

Hi All,

I have a few questions around First Home Owner Grant and Stamp Duty Reduction.

I bought my PPOR last December, so it hasn't been a full year yet, but due to work relocation reason, need to move to a different area, so I'm planning to turn my PPOR into an IP as I will return in the future.

Could anyone reference me a reading on what are the conditions for FHOG/Stamp Duty Reduction as I heard from a friend that we have to live in for at least a year before allowed to turn it into an IP to avoid penalties/taxes? Is this the case? I tried to research online and through this forum, but couldn't find anything.

Thank you in advance!

 

The rules can vary from one state to another. Look at the Office of State Revenue relevant to your state for more information:
www.osr.nsw.gov.au
www.osr.qld.gov.au
www.sro.vic.gov.au
www.finance.wa.gov.au
www.sro.tas.gov.au

Generally you're expected to live in the property for 12 months. Anecdotally I have heard of instances where people had to move out early. They contacted the relevant OSR and had to repay the money. When they later bought a new home, they were able to claim the benefits again.

 

Is it generally 12 months? Its 6 months in WA, and I thought in some other states too.

 

Thanks @Peter_Tersteeg

I was looking in ATO's website and now am wondering why Google didn't show SRO list when I searched.

 

Keep it as your main residence for a year if that is what is required and your so close already.....or get on the phone so you can get advice direct.

 

Is that for the FHOG or the stamp duty concession? Needless to say it is confusing and there's states where the FHOG is 6 months and the stamp duty concessions are 12 months, which is why it's best to track down the info directly.

WA FHOG is 6 months continuous residence. You need to move in within 12 months acquiring the property. It's been so long since I did anything first home related in WA I can't even remember if there's a stamp duty concession.

@PorkBellyLover one interesting think I noticed on the WA site is the ability to apply to vary the residence requirements. It would appear they're understanding if you've got a good reason to move (at least in WA).

 

I'm based in Melb and I have to move within a couple weeks, but I still have a quarter to go. Thanks guys, I'll consider my options.

Not trying to be shifty as I have to change my postal address after moving out, but how do they track my residency? Is it through tax alone?

 

Audit - you will need to prove where you lived.