Hi everyone, im new here and wow what a great resource this forum is! I hope this in the right section so please forgive me if it isn't. We have purchased a unit, and we are first home buyers so are exempt and meet the criteria for a stamp duty exemption. There is a tenant living in it at present on a periodic lease which is great as it gives us a bit of time to move in - ie within 6mths of contract date whilst tenant is still living there. My question is, if for any reason we couldn't move in within the 6mth period, which there is a ever so slight chance that could happen, and tenant stays on which would absolutely mean we then don't qualify for the stamp duty exemption which we would lodge a reassessment to QLD revenue, would we have to pay interest and penalties additionally to what the stamp duty amount would of been, or a case of changed circumstances and a stamp duty rate of the original contract price without penalties. I can't really get a answer so hoping someone might of experienced this before. Thanks in advance
Congrats on the new unit Warnzie Not the experienced person you were hoping for, but I was wondering about the same thing recently, this is what I found: If no longer qualifying, first home buyer would have to notify within 28 days (after the 6mth period): Notice for reassessment of transfer duty—home, first home or vacant land concession (Form D2.4) Penalties would only start the after that date if first home buyer failed to lodge the reassessment: Unpaid tax interest and penalties - Queensland Treasury Alternatively, if you wanted to be on the safe side: Claiming after the transfer If you’re unsure that you meet the concession requirements, you can pay duty at the full rate when your documents are assessed and then claim the concession later if you have met, or will meet, the requirements. You just need to lodge the forms and documents with us. You can also do this if you didn’t claim a concession when you acquired the home because you weren’t going to occupy it, but then you decide to move in. First home concession Hopefully that all isn't completely useless info that you'd already found
Typically you will need to pay duty that can be repaid when you satisfy the exemption. In some states it is deferred. Your solicitor can advise as part of purchase conveyancing
