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QLD Investor - Buying first PPOR - Stamp Duty

Discussion in 'Accounting & Tax' started by sliderc, 12th Jan, 2016.

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  1. sliderc

    sliderc Member

    Joined:
    27th Oct, 2015
    Posts:
    10
    Location:
    QLD
    Hi Everyone,
    For some reason I was of the belief that if I had never owned a PPOR, yet had previously purchased investment property in QLD in my name, which was never lived in, I could claim the first home buyers exemption on stamp duty.

    Was I incorrect in this?

    Would I be eligible for the "home concession" and NOT the "first home concession".

    Home Concession:
    Home concession | Homes and housing | Queensland Government

    First Home Concession:
    First home concession | Homes and housing | Queensland Government

    Thanks for the chat.
     
  2. Bran

    Bran Well-Known Member

    Joined:
    20th Jun, 2015
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    Location:
    At work
    The first line of the first link says this:

    You can claim a first home concession if you:

    Sounds like you're out.
     
  3. sliderc

    sliderc Member

    Joined:
    27th Oct, 2015
    Posts:
    10
    Location:
    QLD
    Yes that was my interpretation also, just wanting to know if anyone could clarify/confirm.

    Seems kind of a bogus rule if you ask me. I've paid my stamp duty on all the investment properties and never owned a home of my own.

    I cant see how owning an investment property first could be used to avert stamp duties or anything to the point that you would not gain from a concession when you do buy your own home.
     
  4. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

    Joined:
    18th Jun, 2015
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    Have a look at the actual law.

    Duties Act QLD
    DUTIES ACT 2001

    Search on that page for "first home" and then have a read of the relevant sections.