QLD first home stamp duty exemption rule

Discussion in 'Accounting & Tax' started by Freedom Seeker, 20th Nov, 2021.

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  1. Freedom Seeker

    Freedom Seeker Well-Known Member

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    The QLD Government Website states that first-home stamp duty concession needs to be reassessed if the "the occupants at the time of settlement didn’t move out within 6 months". Does that mean I need to pay the stamp duty if the original tenant stays in the property for say 8 months from the settlement and then I move into the house from that point?

    Below is the excerpt from the website
    "If you claimed the home or first home concession, the duty you’ve paid needs to be reassessed if:
    • you granted a new lease or extension after settlement
    • you didn’t move in within 1 year
    • you leased out the property, or part of it (e.g. a room) within 1 year of moving in
    • you didn’t hold onto the property for 1 year after moving in
    • you demolished the existing residence before moving in
    • the occupants at the time of settlement didn’t move out within 6 months."
    Common reasons for reassessment
     
  2. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

    Joined:
    18th Jun, 2015
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    Location:
    Sydney
    If you were granted exemption based on moving in within 6 months. Yes. This rule "reassesses" tax to limit avoidance. You may, or may not, be granted later exemption.