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Queensland stamp duty consession

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

  1. Ryan23

    Ryan23 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
     
  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.
     
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  3. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business 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
     
  4. RPI

    RPI Property Lawyer, Town Planner Business Member

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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.
     
  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?
     
  6. Ryan23

    Ryan23 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?
     
  7. RPI

    RPI Property Lawyer, Town Planner Business Member

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    Usually no Penalties or interest unless you don't inform within 28 days of disposal.