Incorrect Transfer Duty? Purchasing 50% of a property, when I own the other 50%.

Hoping someone can provide a little insight on the below.

After 5 years of owning a property 50 / 50 with my sister, I recently purchased the other half off her.

The property's total value was $670,000 and I paid my sister $335,000.

I live in QLD, and my calculation of Transfer Duty = $3,350 (based on $335,000 and property being PPOR)

I've recently been informed that my solicitor calculated it at $7350.

Am I missing something? I obviously paid stamp duty on my half when I originally bought the place, I'm not sure why I should be paying stamp duty on anything more than $335k.

Thanks in advance!

 

What did your solicitor say about the difference?

And did you own it as joint tenants?

 

Hi
Solicitor is correct. You need to calc as 50% of $670K not $335,000

 

Here is a calculator:
http://amun.osr.qld.gov.au/sap/osrqld/wd_tfr_calc_com?WDDISABLEUSERPERSONALIZATION=X#

 

Thanks for the response on this. I'm at a loss as to why I'm paying stamp duty on the part I already own? I'm yet to hear any logical reasoning from my solicitor as to why I need to pay stamp duty on more than $335k. I spoke to the OSR yesterday afternoon and they seemed to think I'd overpaid.

 

To add a little more info - we were tenants in common with a 50 / 50 share. The total property is made up of 2 equally sized blocks with 1 house in the middle. I spoke to OSR yesterday afternoon and they said that I should get my solicitor to reassess it. The OSR seemed to think that the solicitor should have put in 335K as the value not 670K. Let me know if anyone needs more info. Thanks again.

 

Do as they suggest.
Get your solicitor to reassess it.
Marg

 

You are not paying on what you own.

Duty is on a sliding scale. so 50% of $670k is a lot more than 100% of $335k.

Terry W gave you the link above where you could confirm that for yourself.

 

see s31 Duties act
Duties Act 2001 - SECT 31 31 Partitions