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Stamp Duty Exemptions (TAS)

Discussion in 'The Buying & Selling Process' started by legallyblonde, 23rd Feb, 2016.

  1. legallyblonde

    legallyblonde Well-Known Member

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    Hi all,

    I was told the other day that one can avoid stamp duty if property is purchased from family.. So like a good little legal eagle I jumped online and looked up the legislation! So looking at this I might be able to avoid stamp duty if I purchase from a sibling, parent, grandparent or partner. Shame it doesn't include vacant land. I am posting for your thoughts today as this seems overly generous, but I hear that the theory is to keep family properties, in the family.

    Of course investing is not about avoiding duty! I just found this unbelievable interesting!

    Duties Act 2001 (Tas)

    53. Exemptions relating to various transactions

    c) a transfer of dutiable property as specified in
    section 9(1)(i) or (j) but does not include land, made between persons who are relatives if the relative is –

    (i) a child or grandchild; or

    (ii) a parent or grandparent; or

    (iii) a brother or sister; or

    (iv) a spouse or caring partner; or

    (v) a spouse or caring partner of a child, grandchild, brother or sister;
     
  2. legallyblonde

    legallyblonde Well-Known Member

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  3. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    But does not include land.

    I havent looked it up but probably Land here means land with a house on it and vacant land
     
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  4. legallyblonde

    legallyblonde Well-Known Member

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    From the definitions section:
    land includes a stratum;


    I think I will email to ask about this... If land includes every type of property, what on earth is exempt?

    EDIT: "Thank you for your email. It is anticipated that a response will be issued by this Office within the next 14 days. However, this Office is currently experiencing a higher than expected volume of queries, so response times may exceed the 14 days."
     
    Last edited: 24th Feb, 2016
  5. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    When you buy a 'property' you are actually buying land with the house being attached to the land.notice how they call sale contracts 'contracts for the sale of land'.
     
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  6. legallyblonde

    legallyblonde Well-Known Member

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    I was aware of adding partners without stampduty... which may have biased my interpretation.

    Fingers crossed the land title office can clarify.
     
  7. Daniel Taborsky

    Daniel Taborsky Well-Known Member Premium Member

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    Under basic property law, things affixed to the land can become 'fixtures' which are part of the land. There is a significant grey area around whether something fixed to the land has become a 'fixture', so many of the duties acts expressly define 'land' to include anything fixed to the land (whether a 'fixture' at common law or not). Very common in a resource context. A house is clearly a fixture and so part of the land.

    Section 53(c) looks like it is really concerned with the transfer of business assets (excluding land).
     
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  8. legallyblonde

    legallyblonde Well-Known Member

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    Alas: Section 225 (which relates to intergenerational rural transfers).