Queensland stamp duty consession

Discussion in 'Accounting & Tax' started by Ryan23, 16th May, 2016.

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  1. Ryan23

    Ryan23 Well-Known Member

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    Hi
    Hopijg someone can help me out with a question relating to stamp duty consession in qld for first home buyers.

    I am looking at buying my first place and claiming the consession however due to my work there is a possibility i may have to move out before i have lived there for 12 months and then would rent it out. Would this just be simpily paying back the stamp duty or would i have to bay extra stamp duty because it would be an investments property (significantly higher in qld) or should i just not claim the consession in the first place to avoid any complications?

    Cheers
     
    Ryan23, 16th May, 2016
    #1
  2. wylie

    wylie Moderator Staff Member

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    Claim the concession and move in. You don't want to pay investor rate and find you are there for the first year and didn't need to pay the higher rate.

    If you do end up having to move you can apply to OSR and they will probably charge you pro rata from the time you move out til the end of the twelve month period. You cannot help if you cannot stay the twelve months and I know they do make allowances for these circumstances.
     
    wylie, 17th May, 2016
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  3. Paul@PAS

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

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    The concession is not subject to pro-rata repayment where circumstances change.

    Discuss with OSR (no names) so you understand the possible issues
     
    Paul@PAS, 17th May, 2016
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  4. RPI

    RPI SDA Provider, Town Planner, Former Property Lawyer

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    No pro-rata. Counts as a disposal so you need to apply for a re-assessment. I would allow an additional $330 in legal fees to do the reassessment.
     
    RPI, 17th May, 2016
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  5. wylie

    wylie Moderator Staff Member

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    I know a family where the circumstances did change, and the duty was assessed pro rata. Perhaps it comes down to each individual circumstance and they assess each on its merits?
     
    wylie, 17th May, 2016
    #5
  6. Ryan23

    Ryan23 Well-Known Member

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    Along with that i would imagin i would be looking at paying intrest and penalties depending on circumstances and timing?
     
    Ryan23, 17th May, 2016
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  7. RPI

    RPI SDA Provider, Town Planner, Former Property Lawyer

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    Usually no Penalties or interest unless you don't inform within 28 days of disposal.
     
    RPI, 17th May, 2016
    #7