QLD - Stamp Duty Concession

Discussion in 'Accounting & Tax' started by Ariyahn2011, 25th Nov, 2021.

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  1. Ariyahn2011

    Ariyahn2011 Well-Known Member

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    Hi there,
    I am really confused and think my lawyers might have made a mistake.
    We settled on our PPOR on the 25th of October with an existing tenant and a existing lease valid up until the 25th of May. We have never owned property in Australia. We plan to move in asap after the lease expiry and we also do not plan to extend the current lease beyond the existing date. We have already paid the the circa $12000. We plan to live in this home forever. Am I missing something? Can we claim retrospectively or are we infact not eligible as the house is tennanted and we are receiving rent?

    Thanks
     

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    Last edited: 25th Nov, 2021
  2. The Artisan

    The Artisan Well-Known Member

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    Existing tenants or previous owners
    Any existing tenants must move out when their lease expires or within 6 months of settlement, whichever is the earlier, for you to stay eligible for the concession.

    I'm sorry to be the bearer of bad news but you're not eligible by about a month.

    Home concession
     
  3. The Artisan

    The Artisan Well-Known Member

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    You might be able to offer the tenant a $ amount and ask them very kindly to move out earlier or cover moving costs etc.
     
  4. Trainee

    Trainee Well-Known Member

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    What was your solicitor's assessment of this when you bought the place? Aren't stamp duty concessions supposed to be claimed on settlement?
     
  5. Ariyahn2011

    Ariyahn2011 Well-Known Member

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    Hi yep, she said not eligible. Thought they may have made a mistake as I got conflicting advice.
     
  6. Ariyahn2011

    Ariyahn2011 Well-Known Member

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    I did offer unfortunately they declined sadly. Real bummer.
     
  7. The Artisan

    The Artisan Well-Known Member

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    Sorry to hear that, but hopefully you get a bit of a capital gain to cover those costs, better than waiting on the sidelines
     
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  8. Ariyahn2011

    Ariyahn2011 Well-Known Member

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    That's why we kinda pushed ahead. It was the best house of three we had our eyes on but the catch was an existing tennant which must have put others off too and therefore little less competition.
     
  9. Trainee

    Trainee Well-Known Member

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    Ask your accountant about the capital gains tax implications and third element costs.
     
  10. Ariyahn2011

    Ariyahn2011 Well-Known Member

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    Certainly hope so or we might just lease it out for the year and take our time and up the rent. We also put solar power so its significantly under market rate. I'd prefer not to up the rent and look after the tennants but landlords have been brutal up in Darwin too. 2600 per month for a 3 bedder. Insane stuff.
     
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  11. Trainee

    Trainee Well-Known Member

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    Dont know what this has to do with the cgt implications of renting out the property before you move in as ppor and third element costs. But its your tax return. Suggest you get professional tax advice.
     
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  12. Paul@PAS

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

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    One small benefit - The land tax should be deductible.
     
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  13. Trainee

    Trainee Well-Known Member

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    What would be Land value on a 400k property?
     
  14. Paul@PAS

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

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    Hard to say. It could be $15K or $400K if the property is land only value for example.
    The rates notice may provide a guide and should be in the contract