Join Australia's most dynamic and respected property investment community

QLD QLD stamp duty calculation

Discussion in 'Where to Buy' started by fumid, 17th Feb, 2016.

Tags:
  1. fumid

    fumid Well-Known Member

    Joined:
    15th Feb, 2016
    Posts:
    166
    Location:
    Sydney
    Hi guys,

    Found QLD stamp duty, not first property, for self living and investment house, self living is cheaper, how to prove it's for self living? with elec/gas bill?
     
  2. wylie

    wylie Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    2,939
    Location:
    Brisbane
    Are you going to move into it?
     
  3. wylie

    wylie Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    2,939
    Location:
    Brisbane
    You would rather keep it empty to save on transfer duty? You would save the duty but lose the rent you could get by renting it out. You risk being caught and fined. The duty is added to the cost base when you sell.

    Why would you do that?
     
  4. fumid

    fumid Well-Known Member

    Joined:
    15th Feb, 2016
    Posts:
    166
    Location:
    Sydney
    Thanks Wylie, found the answer, need to live in for continuously 12 months to get concession rate.
     
  5. RPI

    RPI Property Lawyer, Town Planner Business Member

    Joined:
    19th Jun, 2015
    Posts:
    712
    Location:
    Brisbane
    you need to sign a declaration when buying and make sure you comply with the rules. You don't need to provide proof unless audited or there is something else that alerts them (eg you lodge a bond with the RTA when you claimed residence discount).
     
  6. sliderc

    sliderc Member

    Joined:
    27th Oct, 2015
    Posts:
    10
    Location:
    QLD
    My understanding is you also have to move into it within 6 months of your settlement date to claim Owner Occupier concessions on Stamp Duty.
     
  7. fumid

    fumid Well-Known Member

    Joined:
    15th Feb, 2016
    Posts:
    166
    Location:
    Sydney
    website said within 12 months.